M&G Investments rejects hostile takeover of Provident Financial May 28, 2019 M&G Investments has announced that it will reject a hostile takeover of Provident Financial by rival sub-prime lender Non-Standard Finance. The investment firm, which owns 1.7 per cent of Provident’s stock, has joined Schroders and Coltrane in confirming it will refuse to back the deal. Read more: Non-Standard Finance confident of watchdog support for £1.3bn [...]
Non-Standard Finance pushes forward with £1.3bn hostile takeover of Provident May 15, 2019 Sub prime lender Non-Standard Finance has dropped the number of acceptances needed to push forward with its £1.3bn hostile takeover of rival firm Provident Financial. NSF said in a statement that its offer was now unconditional in terms of acceptances by investors, with 5 June the last date on which the takeover may be declared [...]
Sparks fly as Provident accused of ‘scaremongering’ over hostile Non-Standard Finance bid May 10, 2019 Non-Standard Finance (NSF) has hit out at the management of Provident Financial, accusing it of “scaremongering” in a bid to fend off a hostile takeover. NSF, which launched the £1.3bn bid in February, today accused Provident of going “to great lengths to deflect attention from its flawed strategy, regulatory breaches, broken promises and underwhelming financial [...]
Provident Financial says hostile bidder Non-Standard Finance is overvalued May 8, 2019 Provident Financial today said it had concerns about the valuation of Non-Standard Finance (NSF) which is trying to take it over. Provident said it had concerns NSF was undercapitalised, it said NSF’s business was facing “significant headwinds”, it said there was an overly positive perspective on NSF’s headline financial performance and said NSF was overvalued [...]
Provident handed boost in bid to fight off Non-Standard Finance as Schroders rejects hostile takeover bid May 7, 2019 Provident’s third-largest shareholder Schroders has refused to support Non-Standard Finance’s £1.3bn offer in a blow for the subprime lender’s takeover bid. The UK fund manager, which holds a 14.6 per cent stake in Provident, said the offer was not in the best interests of Provident shareholders. Read more: Provident Financial blasts Non-Standard Finance in takeover [...]
Provident moves to reassure investors as sub-prime lender fights hostile takeover bid from rival Non-Standard Finance May 3, 2019 Doorstep lender Provident Financial reported that the business’s performance has picked up as it continues to fight against a £1.3bn hostile takeover by smaller rival Non-Standard Finance (NSF). The firm reported that customer growth in its Vanquis Bank and home credit division was up 13 and 40 per cent respectively, and said historical regulatory issues [...]
Provident moves to reassure investors as sub-prime lender fights hostile takeover bid from rival Non-Standard Finance May 3, 2019 Doorstep lender Provident Financial reported that the business’s performance has picked up as it continues to fight against a £1.3bn hostile takeover by smaller rival Non-Standard Finance (NSF). The firm reported that customer growth in its Vanquis Bank and home credit division was up 13 and 40 per cent respectively, and said historical regulatory issues [...]
Non-Standard Finance extends deadline for Provident shareholders to accept £1.3bn hostile takeover April 29, 2019 Non-Standard Finance (NSF) has set 15 May as its final closing date to secure its hostile takeover of rival Provident Financial, urging shareholders to back it to break the “status quo”. Read more: Provident lashes out at 'unlawful' NSF payments amid takeover dispute The new date signals a week’s delay to the previous deadline to [...]
Sub-prime lender Provident Financial lashes out at ‘unlawful’ Non-Standard Finance payments amid takeover dispute April 16, 2019 Sub-prime lender Provident has urged shareholders to take no action in relation to a £1.3bn hostile takeover bid from Non-Standard Finance (NSF), as the chairman accused its rival of “unlawful” dividend distributions. NSF confirmed last week that some dividend payments since 2015 were “technical infringements” of the Companies Act, however, in a letter to investors [...]
Provident Financial ‘astonished’ at admissions by suitor Non-Standard Finance that it broke company law April 14, 2019 Provident Financial said today it is “astonished” by suitor Non-Standard Finance’s (NSF) statement after trading ended on Friday which admitted it had broken company law with previous dividend payments. A spokesperson for Provident said: “We are astonished by NSF’s after hours announcement admitting, ten days after Provident questioned certain dividends and buy backs, an apparently wider [...]