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Hargreaves Lansdown to seek bid extension - report

(Sharecast News) - Hargreaves Lansdown is reportedly set to extend talks with a consortium of private investors who have proposed buying the company in a deal worth about £5bn. According to Sky News, the investment platform is in detailed talks with the consortium, led by CVC Capital Partners, about a revised offer that would incorporate a final dividend potentially worth more than 40p a share.

An announcement that the two sides are working towards a recommended bid is expected ahead of a Takeover Panel deadline on Wednesday.

An extension is expected to give the consortium, which also includes an Abu Dhabi state fund, a week or two longer to finalise a formal offer, Sky sources said. People close to the talks cautioned that the situation remained fluid ahead of a Hargreaves Lansdown board meeting which is expected to take place later on Tuesday.

The precise price of a revised offer was unclear on Tuesday, although market sources suggested that including the final dividend, it could be worth in the region of 1050p-a-share or more.

Hargreaves Lansdown said last month that it had rejected a 985p-a-share offer on the grounds that it "substantially undervalued" the company.

Hargreaves Lansdown and CVC both declined to comment to Sky.

At 1350 BST, the shares were down 2.1% at 1,050.50p.

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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.

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