Hargreaves Lansdown has once again extended the deadline for private equity firms to make a takeover offer for the UK’s largest retail investment site, potentially valuing it at £5.4bn.

The board of Hargreaves Lansdown requested an extension from the UK Takeover Panel for a second time, citing ongoing discussions with the private equity firms led by CVC Capital Partners.

This extension follows a month after the private equity consortium, including Nordic Capital and Platinum Ivy (a subsidiary of the Abu Dhabi Investment Authority), offered £11.40 per share. The Hargreaves Lansdown board had initially indicated their unanimous recommendation for the proposal.

A source familiar with the situation mentioned that the extension, now until August 5, is intended to allow more time for the parties to finalize the acquisition details, including its structure, which has faced some criticism from investors.

Should the takeover proceed, Hargreaves Lansdown would join a recent trend of companies delisting from the London Stock Exchange, as private equity firms and other acquirers find UK companies to be relatively undervalued. This trend also includes UK companies moving to US stock exchanges to access a larger pool of investors and potentially achieve higher valuations.

Some investors have expressed concerns over the deal. Last month, Lancaster Investment Management stated it was “unconvinced that this offer is fair for all HL shareholders” due to potential structural issues.

The proposed deal would allow shareholders to reinvest their stock in the private equity group’s unlisted vehicle, up to 35% of the company’s equity. This could, however, exclude funds that cannot hold unlisted investments.

Founded four decades ago by Peter Hargreaves and Stephen Lansdown, Hargreaves Lansdown, based in Bristol, is known for offering financial products like Individual Savings Accounts and personal pensions. Recently, Alison Platt was appointed as chair, and Dan Olley became CEO in August of last year.

Peter Hargreaves, who owns approximately 20% of the stock, told the Financial Times last month that it was “a disgrace” for the company to be in a position to be acquired, recalling its past reputation as one of the best-run companies in the UK.

The company’s shares have declined from a peak of £24 in 2019, partly due to criticism over the cost of its technology overhaul under previous management. Shares were trading around £11 early on Friday, despite a technical glitch on the stock exchange.

Hargreaves Lansdown reported record assets of £155.3bn on its site, following a surge of customers and investments ahead of the tax year-end in April. The company attracted 24,000 new customers, up from 13,000 in the same period the previous year. RBC Capital Markets analyst Ben Bathurst noted that the number of new clients was “stronger than expected.