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Hargreaves Lansdown slips, paring back gains fueled by takeover bid rejection

Investing.com -- Shares in Hargreaves Lansdown (LON:HRGV) dipped on Friday, paring back gains posted in the prior session that were sparked by the U.K. investment platform's rejection of a 4.7 billion pound takeover bid from a group of investors.

In a statement on Wednesday, Hargreaves Lansdown said its board had "unanimously rejected" the offer, which was put forward in April and priced at 985 pence per ordinary share in the company.

"[I]t substantially undervalues Hargreaves Lansdown and its future prospects," it said.

Media reports have suggested that the consortium, which includes private equity firms CVC Advisers and Nordic Capital as well as a subsidiary of the Abu Dhabi Investment Authority, was eyeing a potential revised approach for London-listed Hargreaves Lansdown. The investors have until June 19 to deliver a firm offer, Hargreaves Lansdown said.

The company flagged that there is "no certainty" that a bid will be made, adding that "a further announcement will be made as and when appropriate."

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.