Hargreaves Lansdown Offer Brings UK Wealth-Manager M&A in Focus
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Hargreaves Lansdown Plc’s decision to reject a takeover offer from a group of investors is putting British wealth managers in the spotlight as shares of some of its peers rallied on Thursday in London.
The UK’s largest platform for retail investors said Wednesday that it rebuffed the £4.7 billion ($6 billion) approach by CVC Capital Partners and a unit of Abu Dhabi Investment Authority, saying the price “substantially undervalues” the firm and its prospects. The consortium, under local rules, must declare whether or not it intends to make a further offer by 5 p.m. on June 19.