Hargreaves Lansdown plc has released a new deadline concerning the revised acquisition proposal from a consortium consisting of CVC Advisers Limited, Nordic Capital XI Delta SCSP, and Platinum Ivy B 2018 RSC Limited.
In June 2024, the consortium proposed to acquire Hargreaves Lansdown at a cash price of 1,140p per share. This offer includes a 30p final dividend for the fiscal year 2024. It also presents an option for shareholders to choose a rollover equity alternative for some or all of their shares.
The company has announced that the major elements of the due diligence process mentioned in its 18 June 2024 update have been completed. However, discussions between Hargreaves Lansdown and the consortium, along with the finalization of the transaction documentation, are still underway.
Hargreaves Lansdown Extends Deadline for Acquisition Proposal Review
As a result, the Board of Hargreaves Lansdown has requested an extension of the deadline for the consortium to either declare a firm intention to proceed with the offer or to announce that they do not intend to make an offer. The Panel on Takeovers and Mergers has agreed to extend this deadline to 5:00 p.m. (London time) on 5 August 2024, known as the Revised PUSU Deadline.
This extension may only be altered with mutual consent from both Hargreaves Lansdown and the Panel. At this stage, there is no certainty regarding whether a firm offer will be made or the terms under which any such offer might be proposed.
In conclusion, Hargreaves Lansdown plc is awaiting further developments from the consortium regarding their acquisition proposal. The extension to the Revised PUSU Deadline until 5 August 2024 allows additional time for final discussions and documentation. Until a firm offer is formally made, there remains uncertainty about the terms and whether the acquisition will proceed.
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