Hargreaves Lansdown plc (LON:HL) today issued a statement regarding a proposal by a consortium comprising CVC Advisers Limited, Nordic Capital XI Delta, SCSP, and Platinum Ivy B 2018 RSC Limited.

Hargreaves Lansdown noted that that it had previously received two approaches from the Consortium regarding a possible offer for Hargreaves Lansdown, most recently at a price of 985 pence per ordinary share in the share capital of Hargreaves Lansdown – or a total of about £4.7 billion (USD $6.0 billion).

Hargreaves shares had been trading in a fairly tight 700-750 pence range from February until the end of April, when the stock began climbing on takeover speculation. LON:HL shares closed Wednesday at 979 pence.

The Board confirms that it unanimously rejected the Proposal on the basis it substantially undervalues Hargreaves Lansdown and its future prospects. The Board says it 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.

In accordance with Rule 2.6(a) of the Code, by not later than 5.00 pm on 19th June 2024, being 28 days after today’s date, the Consortium must either announce a firm intention to make an offer for Hargreaves Lansdown under Rule 2.7 of the Code or announce that it does not intend to make an offer for Hargreaves Lansdown. This deadline may only be extended with the agreement of Hargreaves Lansdown and the Takeover Panel in accordance with Rule 2.6(c) of the Code.

There can be no certainty that any firm offer will be made.