(Bloomberg) -- Peter Hargreaves and Stephen Lansdown, co-founders of Hargreaves Lansdown Plc who own roughly a quarter of the company, say they will consider backing the offer to buy the investment platform by a group of private equity buyers.

“If there’s a consensus for this to happen I will certainly consider backing it,” Hargreaves, 77, said in an interview Tuesday. A turnaround of the investment platform is probably “better done in private hands.”

CVC Capital Partners, Nordic Capital and Platinum Ivy — a subsidiary of sovereign wealth fund Abu Dhabi Investment Authority — made a fresh bid Tuesday that values the firm at £5.4 billion ($6.9 billion). The offer of 1,140 pence per share includes 30 pence for its 2024 final dividend. 

Hargreaves Lansdown said its board would unanimously support the revised offer at the proposed value.

Under the terms of the deal, shareholders can choose to invest some or all of their shares alongside the bidders. The rollover equity alternative would give shareholders the opportunity to co-invest in the consortium’s unlisted acquisition vehicle, subject to an overall maximum participation of 35% of the equity.

Hargreaves, who owns almost 20% of the company, declined to comment on whether he would consider co-investing with the bidders. 

The Bristol-based firm is the UK’s largest platform for retail investors, with more than 1.8 million customers and £150 billion in assets under management and administration. But in recent years rivals such as AJ Bell Plc and Interactive Investor have started to win market share, helped by their lower fees. 

Hargreaves Lansdown was co-founded in 1981 by Hargreaves and Stephen Lansdown. Both have sold stakes in recent years but together they still own about a quarter of the company, making them among the richest people in the country.

Lansdown, 71, also said he would consider the proposed deal.

“It’s something to consider now and the board is going to support it so we’re going through the process,” he said in an interview with Bloomberg. “I’m pleased we have got some finality and we’ll do our homework now.”

Hargreaves said he’s already mulling the tax implications of any sale of his approximate £1 billion stake. 

“Since I heard the news, I have consulted my accountants and solicitors to say we’re going to have to sit and decide how this is going to work,” he said. “This could certainly make me the UK’s biggest taxpayer.”

(Updates with comments from Stephen Lansdown in the 10th paragraph)

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