August 14, 2024 | Financials | Europe | Active
A group of investors, including CVC Capital, Nordic Capital and Abu Dhabi’s sovereign wealth fund (through wholly-owned subsidiary, Platinum Ivy), agreed on 9-Aug-24 to take private UK investment platform Hargreaves Lansdown (“Hargreaves”) for £5.4bn. The sponsors are offering Hargreaves shareholders 1,110p cash per share, plus a 30p dividend representing the company’s 2024 fiscal year (ended 30-Jun-24), expected to be paid on 1-Nov-24. Discussions with the consortium were disclosed on 22-May-24, so the offer price reflects a 22.2% takeover premium to 21-May-24. If Hargreaves shareholders do not approve the full-year dividend before the merger’s effective date, the target board intends to declare the dividend as an interim dividend instead. The transaction is structured as a UK scheme of arrangement and also includes an alternative offer that allows shareholders to elect to receive rollover loan notes issued by Bidco. The loan notes will be converted into rollover ordinary shares of Topco, a private limited company formed specifically for the offer, and under the terms of the alternative offer, Hargreaves shares will be eligible to receive the full-year dividend. Hargreaves’ board recommends the scheme led by directors holding ...
Please contact us to request access to this report.