Hargreaves Lansdown plc (LON:HL) has today provided an update on 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 for 1,140p. per Hargreaves Lansdown share in cash, of which 30 p.m. constitute a final FY2024 dividend, with an option for Hargreaves Lansdown shareholders to elect an alternative equity conversion in respect of all or all of their Hargreaves Lansdown shares.
Today, HL said that the substantive elements of the due diligence exercise set out in Hargreaves Lansdown’s announcement dated 18 June 2024 have been completed. 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 Hargreaves Lansdown Board requested, and the group agreed, an extension of the deadline within which the Consortium is required to either announce a firm intention to bid for Hargreaves Lansdown pursuant to with Rule 2.7 of the Code or to announce that it does not intend to make an offer, by 5.00 p.m. (London time) on 5 August 2024 (“PUSU Revised Deadline”).
The revised PUSU deadline may only be extended with the agreement of Hargreaves Lansdown and the M&A Group in accordance with Rule 2.6(c) of the Code.
There can be no assurance that a firm offer will be made for Hargreaves Lansdown nor as to the terms on which any such firm offer could be made.