The co-founder of Hargreaves Lansdown said last night he was “looking at all options” after a shock foreign takeover bid put the investment platform’s future in doubt.
Peter Hargreaves said he was “watching with interest” after the board rejected a £4.67bn approach from a consortium including private equity group CVC and Abu Dhabi investors.
The tycoon, 77, who is no longer involved in the day-to-day running of the company, owns a nearly 20 per cent stake valued at just over £1 billion.
Reports suggested Hargreaves was keen to take the company private, but he told the Mail: “That’s a lie.” I never said that.’
But he added: “I’m looking at all options.” I’m not really making any comments because I don’t think there is enough information available.’
At stake: Hargreaves Lansdown co-founder Peter Hargreaves (pictured) said he was “watching with interest” after the board rejected a £4.67bn approach from a consortium of investors.
Asked whether Hargreaves Lansdown should engage with its takeover suitors, he said: “That’s not for me to say. The directors should make that decision, not me.”
The board said it “unanimously rejected” the surprise 985 pence per share proposal, saying it “substantially undervalues” the business.
Another London-listed company, shopping center operator Capital & Regional, confirmed it had received a takeover proposal from South African competitor Vukile, while another rival, Newriver, was circling.
Shares in Hargreaves Lansdown, founded in 1981, rose 14.4 per cent, or 141 pence, to 1,120 pence, while Capital & Regional rose 18.5 per cent, or 9.5 pence, to 61 pence.
The latest wave takes the total value of deals made by UK companies so far this year to more than £80bn.
New figures from investment firm Dealogic, shared with the Mail, suggest £73bn of deals have been completed or pending this year and £8.5bn of advances withdrawn or cancelled.
Recipients include packaging group DS Smith, telecoms testing company Spirent Communications and transport company Wincanton.
FTSE 250 cybersecurity group Darktrace recently backed a £4.2bn acquisition by US private equity firm Thoma Bravo.
But some companies, although they are in the spotlight, have been fighting.
Anglo American this week rejected its third bid from rival BHP worth £39bn, while Currys and Direct Line fended off the bids.
Rumors had circulated that Hargreaves Lansdown could be approached due to its weak share price.
Activist investor at British hedge fund Palliser Capital has called on Rio Tinto to abandon its London listing for Sydney, saying the miner’s dual corporate structure is a barrier to strategic plans, making it “difficult to make major acquisitions.” .
Rio is the seventh largest company in the FTSE 100, worth more than £70 billion.