Hargreaves Lansdown plc (LON:HL) today provided an update on its discussions with CVC Advisers Limited, Nordic Capital XI Delta, SCSP, and Platinum Ivy B 2018 RSC Limited.
On 19 July 2024, the independent Board of Hargreaves Lansdown announced that the consortium was required, by no later than 5.00 p.m. (London time) on 5 August 2024 (the ‘PUSU Deadline’), to either announce a firm intention to make an offer for Hargreaves Lansdown in accordance with Rule 2.7 of the City Code on Takeovers and Mergers or announce that it does not intend to make an offer.
Discussions with the Consortium remain ongoing. Hargreaves Lansdown said today.
Accordingly, the Board of Hargreaves Lansdown has requested, and the Panel on Takeovers and Mergers has consented to, a short extension to the PUSU deadline. Therefore, in accordance with Rule 2.6(c) of the Code, the Consortium is now required, by no later than 5.00 p.m. (London time) on 9 August 2024 (the ‘Revised PUSU Deadline’), to either announce a firm intention to make an offer for Hargreaves Lansdown in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer.
The Revised PUSU Deadline may only be extended with the agreement of Hargreaves Lansdown and the Panel 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.
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.
