Hargreaves Lansdown’s board of directors unanimously rejected a proposed takeover of the company from a collection of private equity bidders.
The ‘consortium’ consisted of Nordic Capital, CVC Advisers Limited and the Abu Dhabi Investment Authority, who together made two offers for Hargreaves Lansdown, the second at 985p per share.
Shares for Hargreaves Lansdown have climbed from near 750p a month ago to near 925p at opening on 22 May.
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Following the announcement of the bid proposal, shares jumped to 979p by close.
The board remarked that the offer “substantially undervalues Hargreaves Lansdown and its future prospects”. An intention for a further offer, or the decision to no longer pursue the company, must be announced by 19 June.
Hargreaves Lansdown will produce its full-year results on 9 August.
