18th Jun 2024 14:19
(Alliance News) - Hargreaves Lansdown PLC on Tuesday confirmed it received a revised takeover proposal, and extended the deadline for an interested consortium to announce its intention to make an offer.
The Bristol, England-based wealth management platform confirmed it has decided to engage with the consortium, led by CVC Capital Partners, about a revised offer that would incorporate a final dividend worth more than 30 pence per share. That figure is 25% below a 40p figure reported earlier on Tuesday by Sky News.
The proposed offer prices the company at 1,140 pence per share, which is 8.6% higher than Sky's earlier reported figure of around 1,050p.
Shares in the company rose 5.1% to 1,128.28 pence each on Tuesday afternoon in London.
Hargreaves Lansdown confirmed it extended a deadline for the consortium to announce its intention to make an offer, which was due to run out on Tuesday afternoon, to July 19.
"The board has confirmed to the consortium that the revised possible cash offer is at a value that the board would be willing to recommend unanimously to Hargreaves Lansdown shareholders," the company said.
Furthermore, there would be a rollover equity alternative that would provide Hargreaves Lansdown shareholders the opportunity to re-invest their shareholding and co-invest in the consortium's unlisted acquisition vehicle.
Last month, Hargreaves Lansdown had rejected a 985p per share offer from a consortium on the grounds that it "substantially undervalued" the company.
By Tom Budszus, Alliance News slot editor
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