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MoneyNSF drops £1.3bn Provident hostile takeover bid

09:55  05 june  2019
09:55  05 june  2019 Source:   news.sky.com

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NSF drops £ 1 . 3 bn Provident hostile takeover bid

Subprime loan company Non-Standard Finance has decided to withdraw its £ 1 . 3 bn hostile takeover bid for Provident Financial, the UK's largest payday lender. NSF announced late on Tuesday that it would not go ahead with the bid , allowing its offer for the Provident "to lapse," just hours.

NSF drops £1.3bn Provident hostile takeover bid © Other Non-Standard Finance has withdrawn its £1.3bn hostile takeover bid for Provident Financial.

Subprime loan company Non-Standard Finance has decided to withdraw its £1.3bn hostile takeover bid for Provident Financial, the UK's largest payday lender.

NSF announced late on Tuesday that it would not go ahead with the bid, allowing its offer for the Provident "to lapse," just hours ahead of the deal deadline at midnight on June 5.

In a statement NSF said that after discussions with regulatory authorities, it had come to the conclusion that conditions for the offer "will not be satisfied by midnight on 5 June 2019, the last time by which all conditions to the offer must be satisfied or waived."

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Provident Financial, the doorstep lender that charges interest rates of 535%, has received a surprise £ 1 . 3 bn takeover bid from a smaller rival led by its In a statement, NSF said Provident ’s financial performance had been “disappointing” and it had “operational shortcomings and ongoing cultural

Non-Standard Finance has withdrawn its hostile takeover bid of a reported £ 1 . 3 billion for subprime lender Provident Financial following talks with regulators. Provident 's board welcomed the decision and the company's shares closed up more than 16% on Wednesday.

NSF drops £1.3bn Provident hostile takeover bid © Other Neil Woodford's Investment Management fund is a Provident shareholder supporting the bid

The company added: "Accordingly, NSF has decided, with the consent of the Takeover Panel, to lapse the offer."

"Therefore, as of midnight on 5 June 2019, the offer will lapse and will not be capable of further acceptance and Provident Shareholders who have accepted the offer will cease to be bound by such acceptances."

The Competition and Markets Authority launched an inquiry into the bid on May 28 and would have announced whether or not it would refer the takeover for a Phase 2 investigation by July 23.

NSF now expects the costs for the aborted transaction will be up to £12m, and be treated as an exceptional item in its 2019 half-year results.

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Provident Financial's board welcomed the collapse of a hostile takeover bid for the doorstep lender by sector rival Non-Standard Finance, which sent its NSF ’s decision to ditch the 1 . 3 billion pound (.65 billion) deal late Tuesday ended a war of words lasting several months that pitched institutional

** Shares of British sub-prime lender Provident Financial jump over 9% after rival Non-Standard Finance drops hostile takeover bid . ** Stock is the biggest riser on the FTSE midcap index. ** NSF said on Tuesday that talks with regulators suggested that its offer would not meet regulatory condition

As recently as a fortnight ago John van Kuffeler, NSF's group chief executive- and Provident's former boss - said he was confident the group's hostile takeover bid for rival Provident Financial would succeed, after NSF managed to secure the support of Provident investors holding 53.53% of the payday lenders voting stock.

The bid had been supported by Provident shareholders including Invesco, Marathon and the troubled Woodford Investment Management fund.

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NSF drops £1.3bn Provident hostile takeover bid

Mr van Kuffeler said on Tuesday: "I am very disappointed that despite our best efforts customers, employees and shareholders will not now benefit from our transformation plan to build a brighter future by combining Provident with NSF.

"I wish to thank our shareholders for their support and all of NSF's staff and self-employed agents for their continued dedication.

NSF will continue to focus on delivering value to its customers, employees and shareholders by providing a helping hand to the 10-12 million UK consumers that are either unable or unwilling to access mainstream credit.

Provident Financial has had rocky recent past which may have left it vulnerable to takeover, including a profit warning in January

Following a rise in bad loans, Provident stock had fallen more than 70% over two years and was at the centre of various investigations by regulators.

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