Hargreaves Lansdown plc (LON:HL) today provided an update regarding a revised proposal from a consortium comprising CVC Advisers Limited, Nordic Capital XI Delta, SCSP, and Platinum Ivy B 2018 RSC Limited.
In June, the Consortium proposed to acquire Hargreaves Lansdown at a price of 1,140p per Hargreaves Lansdown share in cash, of which 30p comprises a FY2024 final dividend, with an option for Hargreaves Lansdown shareholders to elect for a rollover equity alternative in respect of some or all of their Hargreaves Lansdown shares.
Today, HL said that the material elements of the due diligence exercise referenced in Hargreaves Lansdown’s announcement dated 18 June 2024 have been concluded. Discussions between Hargreaves Lansdown and the Consortium, as well as the negotiation of definitive transaction documentation, remain ongoing.
Therefore, in accordance with Rule 2.6(c) of the Code, the Board of Hargreaves Lansdown has requested, and the Panel has consented to, an extension to the deadline by which the Consortium is required either to announce a firm intention to make an offer for Hargreaves Lansdown in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, until 5.00 p.m. (London time) on 5 August 2024 (the ‘Revised PUSU Deadline’).
The Revised PUSU Deadline may only be extended with the agreement of Hargreaves Lansdown and the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.
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.
