(Alliance News) - Hargreaves Lansdown PLC on Thursday confirmed it rejected a takeover approach from a group of private equity firms including CVC Advisers.
Shares in the Bristol, England-based wealth management platform rose 10% to 1,076.50 pence each on Thursday morning in London.
A consortium on Wednesday had said it was considering a possible offer for Hargreaves Lansdown after having made a 985 pence per share proposal on April 26. A day before that, the company's share price closed at 736.20p, meaning the offer was a 34% premium to the last share price before the proposal.
Hargreaves Lansdown said the proposal "substantially undervalues" it and its futures prospects.
The consortium which made the proposal includes CVC Advisers Ltd, Nordic Capital XI Delta, and Platinum Ivy B 2018 RSC Ltd, a wholly-owned subsidiary of Abu Dhabi Investment Authority.
The consortium has until June 19 to announce a firm intention to make or not make an offer for Hargreaves Lansdown.
By Tom Budszus, Alliance News slot editor
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Hargreaves Lansdown (HL.)
