Hargreaves Lansdown says talks extended over potential £5.4bn takeover
The investment platform firm received a takeover proposal from a consortium led by CVC in June.
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Your support makes all the difference.Hargreaves Lansdown has said talks remain “ongoing” over a potential £5.4 billion takeover as the deadline to seal the deal was extended again.
The investment platform firm received a takeover proposal from a consortium led by CVC in June.
The group of bidders is led by buyout giant CVC, alongside Nordic Capital, and Platinum Ivy, a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
Discussions with the consortium remain ongoing
Last month, an initial July 19 deadline to strike a deal was extended to August 5 to hold further talks.
On Monday, Hargreaves Lansdown told shareholders “discussions with the consortium remain ongoing” as it seeks to iron out the details of a possible deal.
When it first received the proposal from the consortium, Hargreaves Lansdown’s board said it was ready to recommend the move to its shareholders.
The official takeover panel has said it will extend the “put up or shut up” deadline for a firm offer to Friday August 9 to allow the parties to complete talks.
In a statement, Hargreaves Lansdown added: “There can be no certainty that a firm offer will be made for Hargreaves Lansdown nor as to the terms on which any such firm offer might be made.”
Last month, the Bristol-based investment group recorded a record high of £155.3 billion in assets under administration last quarter, after a jump in new customers before the end of the tax year in April.