Deadline for £5.4bn takeover bid postponed for third time

Wealth management firm Hargreaves Lansdown has extended the deadline for a group of private equity investors to make a £5.4bn takeover bid for a third time.

The FTSE 100 has pushed back the deadline on takeover talks to 5pm on Friday, August 9th, with the consent of the Panel on Takeovers and Mergers.

The deadline for the consortium of bidders – made up of buyout giant CVC, Copenhagen’s Nordic Capital and Abu Dhabi Investment Authority-owned Platinum Ivy – was this Monday.

Hargreaves Lansdown said talks with the consortium “remain ongoing”.

The Bristol-based firm said in June that it would be “willing to recommend” a firm offer that values Hargreaves Lansdown at £5.4bn,

The move came after several lower bids from the consortium had been rejected.

Hargreaves Lansdown, which is due to report its final results on Friday, will need to convince shareholders of its support for the deal.

The final bid’s unusual structure, which gives shareholders the opportunity to keep their stake in the firm after it has sold has raised eyebrows among some investors.