Private equity trio make offer for Hargreaves Lansdown

British investment fund supermarket Hargreaves Lansdown has accepted a proposed offer from a trio of private equity investors, leading to its exit from the FTSE 100 index. The offer, worth £11.40 a share in cash, comes after several previous proposals, with the company's share price rising significantly. The bidders have until July 19 to make a firm offer. Hargreaves Lansdown, based in Bristol, administers £150bn in assets for 1.86 million clients but has faced challenges with rising costs and investment risks. The private equity offer values the company at half of its 2019 peak. Founders Peter Hargreaves and Stephen Lansdown, major shareholders, are open to offers. The company remains confident in its strategic priorities but is willing to recommend the new offer price. The decision lies with the potential owners, with Hargreaves and Lansdown holding significant influence. Hargreaves has criticized previous management and high fees, with regulatory scrutiny on delivering good outcomes for clients. The firm's profit is largely risk-free, benefiting from interest rate rises. New CEO Dan Olley has focused on cost-cutting and digital advice.