Hargreaves Lansdown rejects takeover bid
Bristol-based wealth management company Hargreaves Lansdown has rejected a bid from CVC Advisers Limited, Nordic Capital and Platinum Ivy B 2018 RSC Limited – a wholly-owned subsidiary of Abu Dhabi Investment Authority.
The consortium confirmed that it is considering a possible offer for Hargreaves Lansdown, most recently having approached the Board at 985 pence per share on 26 April. The Hargreaves Lansdown Board rejected this proposal.
Hargreaves Lansdown unanimously rejected the Proposal on the basis it substantially undervalues the business and its future prospects. The Board said it is focused on executing its strategy and looks forward to updating the market at the full year results on 9th August 2024.
On 20 April, Hargreaves Lansdown reported net new business of £1.6 billion in the three months to March and closing Assets under Administration a record £149.7 billion.
Net new clients of 34,000 in the period, up 48 per cent year on year, taking it to 1,858,000 active clients.
Revenues for the period were £199.7 million, up six per cent.
