Investing.com -- Shares in Hargreaves Lansdown (LON:HRGV) dipped on Friday, paring back gains posted in the prior session that were sparked by the U.K. investment platform's rejection of a 4.7 billion pound takeover bid from a group of investors.
In a statement on Wednesday, Hargreaves Lansdown said its board had "unanimously rejected" the offer, which was put forward in April and priced at 985 pence per ordinary share in the company.
"[I]t substantially undervalues Hargreaves Lansdown and its future prospects," it said.
Media reports have suggested that the consortium, which includes private equity firms CVC Advisers and Nordic Capital as well as a subsidiary of the Abu Dhabi Investment Authority, was eyeing a potential revised approach for London-listed Hargreaves Lansdown. The investors have until June 19 to deliver a firm offer, Hargreaves Lansdown said.
The company flagged that there is "no certainty" that a bid will be made, adding that "a further announcement will be made as and when appropriate."