Proactive Investors - Hargreaves Lansdown (LON:HRGV) has confirmed a takeover approach for the financial services firm from a consortium comprising CVC Advisers, Nordic Capital and Platinum Ivy, a wholly-owned subsidiary of Abu Dhab’s sovereign wealth fund.
Hargreaves has unanimously rejected the proposal, stating that it “substantially undervalues Hargreaves Lansdown and its future prospects”.
“The board is focused on executing its strategy and looks forward to updating the market at the full-year results on 9th August 2024. In the meantime, shareholders are advised to take no action,” the board said in a statement.
Hargreaves confirmed that this was the third approach from the consortium.
This latest bid was for 985p per ordinary share, representing less than a one percent premium to Wednesday’s closing price.
Under takeover rules, the consortium has until 19 June to either table or rescind a firm offer.