HARGREAVES LANSDOWN has said it is ready to recommend a takeover to its shareholders after a group of private equity bidders led by CVC rounded again with a fourth £5.4bn offer for the firm.

In a statement to the market, the retail investment giant said the latest non-binding offer was at a value that "the board would be willing to recommend unanimously to Hargreaves Lansdown shareholders" and it had now entered negotiations with the consortium.

"The board remains confident in management's ability to execute Hargreaves Lansdown's strategic priorities and in Hargreaves Lansdown's fundamental longer-term prospects," Hargreaves Lansdown said in a statement.

"However, having evaluated the revised possible cash offer, which would provide the certainty of value in cash to shareholders, the Board has decided to engage with the Consortium and provide confirmatory due diligence access."

The group of bidders is led by buyout giant CVC, alongside Nordic Capital, and Platinum Ivy, a whollyowned subsidiary of the Abu Dhabi Investment Authority.

The latest bid comes in at 1,140p per share. A deadline for a firm bid for the takeover has now been extended until 5pm on 19 July.

Shares closed up over five per cent. Hargreaves, the UK's biggest retail investment platform with a 40 per cent share of the market, has rejected three previous bids but the opening of talks could now signal an impending takeover of the FTSE 100 company.

Any deal would be a major blow for the London Stock Exchange as it looks to stem an exodus of companies away from the market.

(c) 2024 City A.M., source Newspaper