Manager of the Finsbury Growth & Income trust Nick Train said the market "should not have been surprised" at the bid by a private equity consortium for Hargreaves Lansdown last month, as its valuation was "exceptionally low".
Last month the investment platform rejected a £4.7bn takeover bid from a private equity consortium, comprising of CVC Capital Partners, Nordic Capital, and Platinum Ivy, a subsidiary of Abu Dhabi's sovereign wealth fund. The consortium had approached Hargreaves Lansdown several times in the past regarding an offer, but no firm bid had been made until April. In the latest monthly factsheet of the trust, which has been a long-term shareholder of the company, Train said he was watching developments not just at HL, but "across the whole sector with interest". Lindsell Train IT's bet on...
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