Hargreaves Lansdown Slips, Paring Back Gains Fueled By Takeover Bid Rejection By Investing.com | Old North State Wealth News
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Hargreaves Lansdown slips, paring back gains fueled by takeover bid rejection By Investing.com



Investing.com — Shares in Hargreaves Lansdown (LON:) dipped on Friday, paring back gains posted in the prior session that were sparked by the U.K. investment platform’s rejection of a 4.7 billion pound takeover bid from a group of investors.

In a statement on Wednesday, Hargreaves Lansdown said its board had “unanimously rejected” the offer, which was put forward in April and priced at 985 pence per ordinary share in the company.

“[I]t substantially undervalues Hargreaves Lansdown and its future prospects,” it said.

Media reports have suggested that the consortium, which includes private equity firms CVC Advisers and Nordic Capital as well as a subsidiary of the Abu Dhabi Investment Authority, was eyeing a potential revised approach for London-listed Hargreaves Lansdown. The investors have until June 19 to deliver a firm offer, Hargreaves Lansdown said.

The company flagged that there is “no certainty” that a bid will be made, adding that “a further announcement will be made as and when appropriate.”

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