Hargreaves Lansdown PLC (LSE:HL.) has confirmed a takeover approach from a consortium comprising CVC Advisers, Nordic Capital and Platinum Ivy, a subsidiary of Abu Dhabi’s sovereign wealth fund.
Hargreaves has unanimously rejected the proposal, stating that it “substantially undervalues Hargreaves Lansdown and its future prospects”.
“The board is focused on executing its strategy and looks forward to updating the market at the full-year results on 9th August 2024. In the meantime, shareholders are advised to take no action,” the board said in a statement.
Hargreaves confirmed that this was the third approach from the consortium.
This latest bid for the investment platform was for 985p share, representing less than a one per cent premium to Wednesday’s closing price.
Under takeover rules, the consortium has until June 19 to either table or rescind a firm offer.