Hargreaves Lansdown receives revised takeover offer
In May, Bristol-based wealth management company Hargreaves Lansdown rejected a takeover bid from CVC Advisers Limited, Nordic Capital and Platinum Ivy B 2018 RSC Limited – a wholly-owned subsidiary of Abu Dhabi Investment Authority.
A month later and it's feeling more positive about a revised offer.
The consortium has come up with a revised offer of £11.40p per share, valuing the company at around £5.4 billion.
Hargreaves Lansdown said: "The Board remains confident in management's ability to execute Hargreaves Lansdown's strategic priorities and in Hargreaves Lansdown's fundamental longer term prospects. However, having evaluated the Revised Possible Cash Offer, which would provide the certainty of value in cash to shareholders, the Board has decided to engage with the Consortium and provide confirmatory due diligence access."
The Board has said that the revised possible cash offer is at a value that the Board would be willing to recommend unanimously to Hargreaves Lansdown shareholders, should a firm offer be made.
The consortium now has until 5pm on 19th July (tomorrow), to make a firm offer.
