London-listed broker Hargreaves Lansdown (LON: HL.) revealed Thursday that it has recently rejected two takeover approaches by a consortium.
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The FTSE 250 company noted the announcement from the consortium, which comprises CVC Advisers Limited, Nordic Capital XI Delta, SCSP, and Platinum Ivy, a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
Hargreaves Lansdown confirmed it had previously received two approaches from the consortium regarding a possible offer for Hargreaves Lansdown, with the most recent being a price of 985p per share.
Despite the consortium's proposal of 985p per share, Hargreaves Lansdown stood firm in its decision to reject the offer. The company's confidence in its future prospects and its belief that the proposal undervalued its worth were the driving factors behind this decision.
“The Board is focused on executing its strategy and looks forward to updating the market at the full year results on 9th August 2024,” said Hargreaves Lansdown.
Rules state that the consortium now has until 5pm on June 19 2024 to announce a firm intention to make an offer for Hargreaves Lansdown under or announce that it does not intend to make an offer.
Hargreaves Lansdown shares jumped almost 5% in Wednesday's session, closing at 979p per share, its highest level since February this year. The stock is up over 33% in 2024.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.