Money: NSF drops £1.3bn Provident hostile takeover bid - PressFrom - United Kingdom
  •   
  •   

MoneyNSF drops £1.3bn Provident hostile takeover bid

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

A manager of Manchester is coming - Allegri mischievously drops Guardiola hint

A manager of Manchester is coming - Allegri mischievously drops Guardiola hint Manchester City have dismissed rumours of Pep Guardiola joining Juventus as "nonsense" but Massimiliano Allegri has fuelled speculation.

Provident Financial gets £ 1 . 3 bn bid from rival NSF . NSF said it expected an agreement in principle NSF offers loans to individuals often turned away from mainstream lenders and started off its bid The shares are now trading at 472p while the row over its future, which has resulted in a hostile war of

The competition watchdog asks if the hostile bid for Provident Financial would "lessen competition". The competition watchdog is investigating whether the £ 1 . 3 bn takeover of Provident Financial would lessen The sub-prime lender said the bid from Non-Standard Finance ( NSF ), run

NSF drops £1.3bn Provident hostile takeover bid © Other Non-Standard Finance has withdrawn its £1.3bn hostile takeover bid for Provident Financial.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

'A manager of Manchester is coming' - Allegri mischievously drops Guardiola to Juventus hint

'A manager of Manchester is coming' - Allegri mischievously drops Guardiola to Juventus hint Manchester City have dismissed rumours linking their coach with a move to the Serie A champions, but an outgoing boss in Turin has fuelled speculation

A hostile takeover bid occurs when an entity attempts to take control of a firm without the consent or cooperation of the target company's board of directors. In lieu of the target company's board approval, the would-be acquirer may then issue a tender offer

NSF said the takeover was backed by more than 50% of Provident 's shareholders, including fund manager Neil Woodford, Invesco and Marathon. Investors must still vote on whether to approve the deal. Provident has seen its shares plunge after profit warnings and the resignation of a former chief

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.

Simon Cowell drops significant weight with healthy vegan diet

Simon Cowell drops significant weight with healthy vegan diet Simon Cowell has turned over a new leaf with his health after dropping 20 pounds (9 kilograms) thanks to a new vegan diet. 

Shareholders of Provident have until Wednesday to vote on the bid by Non-Standard FinanceALAMY. Sub-prime lender Non-Standard Finance ( NSF ) plans to push ahead with its hostile bid for Provident Financial, even if it does not win further support from investors.

Sub prime lender Non-Standard Finance has dropped the number of acceptances needed to push forward with its £ 1 . 3 bn hostile takeover of rival firm Provident Financial. NSF said in a statement that its offer was now unconditional in terms of acceptances by investors

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.

Gallery: The big business mergers that went very badly wrong (Love Money)

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.

Nicolas Pepe drops Liverpool transfer hint on social media.
Lille forward Nicolas Pepe has reportedly liked a post on social media regarding a possible move to Liverpool this summer, according to Rush The Kop, cited by the Daily Record. The Reds fan account tweeted about a rumoured move to Anfield earlier in the week, with the Ivory Coast international thought to be the man behind the account who liked the post. The report does go on to add that there was no ‘blue tick’ behind the account but insists that the profile was pertaining to be the forward and had thousands of followers. The 22-year-old has been linked with a move to Merseyside in recent months after his stellar campaign in Ligue 1 and could cost up to £70m.

—   Share news in the SOC. Networks
usr: 3
This is interesting!