Hargreaves Lansdown’s board has said it would be willing to recommend a revised £5.4m offer for the investment platform from a private equity consortium.
In a stock exchange announcement this afternoon (18 June), the investment platform’s board confirmed it had received a further non-binding proposal to acquire HL for £11.40 per share from the consortium, which also comprises Nordic Capital and Abu Dhabi Investment Authority subsidiary Platinum Ivy.
As part of the offer, 30p per share will be attributed to a final dividend for the 2024 financial year, with an option for Hargreaves Lansdown shareholders to elect for a rollover equity alternative in respect to some or all of their Hargreaves Lansdown shares.
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The rollover alternative would provide existing shareholders the opportunity to co-invest in the consortium’s unlisted acquisition vehicle.
Hargreaves Lansdown’s shares were up 4.9% from the beginning of the day to market close off the back of the announcement.
The proposal follows three previous approaches from the private equity bidders in recent months, while the consortium now has until 5pm on 19 July to firm up its interest in the takeover.
Last month, Hargreaves Lansdown’s board of directors unanimously rejected a bid from the consortium of £9.85 per share.
