Wealth platform Hargreaves Lansdown PLC (LSE:HL.) has extended the window of opportunity for private equity firm CVC to make a formal takeover offer.
CVC tabled a revised £5.4 billion bid for Hargreaves on 18 June, giving CVC until this Friday to set the offer in stone under Code of Conduct rules.
"Discussions between Hargreaves Lansdown and the Consortium, as well as the negotiation of definitive transaction documentation, remain ongoing,” Hargreaves said in a regulatory statement announcing the extension.
CVC now has until 5 August to make a formal offer.
“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,” Hargreaves added.
The proposed takeover has proved controversial, with investor Lancaster Investment Management slamming it as unfair to smaller shareholders.