Hargreaves Lansdown rejects takeover bid

Published by

Nicky Godding

Bristol

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 9^th 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.

Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe. After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts. She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.