Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Hargreaves Lansdown extends £5.4bn takeover deadline
(Sharecast News) - The deadline for a potential £5.4bn takeover of Hargreaves Lansdown has been pushed back, the fund supermarket confirmed on Friday. The FTSE 250 firm said last month it was minded to recommend a 1,140p per share offer from a private equity consortium led by CVC Capital Partners, after it rejected an earlier approach.
Under Takeover Panel rules, the consortium was given until 19 July to make a formal offer or walk away, a so-called put up or shut up.
However, on Thursday Hargreaves Lansdown said the deadline had been extended further, to 5 August.
In a brief statement, it said: "Discussions between Hargreaves Lansdown and the consortium, as well as the negotiation of the definitive transaction documentation, remain ongoing.
"There can be no certainty that a firm offer will be made."
Hargreaves Lansdown also provided an update on fourth-quarter trading on Thursday, which showed net new business in the three months to June end dipped to £1.6bn from £1.7bn a year previously.
Net client growth was 24,000, up from 13,000 a year earlier, driven by strong demand for SIPPs ISAs and active savings accounts. Client retention was 91.1%.
Assets under administration, meanwhile, was a record £155.3bn, compared to £134bn in the fourth quarter last year.
Dan Olley, chief executive, said: "While we still have more to do to deliver against our strategic priorities, we are making progress and I'm pleased to see ongoing good momentum this quarter.
"As momentum across the business comes through in our results, we will continue to invest in the value proposition for our clients."
Olley did not comment on the ongoing takeover discussions.
The consortium, which also includes Nordic Capital and Platinum Ivy, part of the Abu Dhabi Investment Authority, first made a surprise 985p per share offer for Hargreaves Lansdown earlier this year.
The board unanimously rejected it for "substantially" undervaluing the business.
As at 0915 BST, shares in Hargreaves Lansdown were largely flat at 1,103p.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
