June 5, 2019 / 7:42 AM / a year ago

BUZZ-Provident tops FTSE 250 gainers as NSF drops hostile takeover bid

** 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 by June 5 deadline and thus it decided to lapse the offer

** PFG said the outcome was in the best interests of its shareholders

** NSF had first offered to take over its much larger rival PFG in February as PFG struggled to win back customers

** NSG’s offer had run into trouble with UK’s Competition and Markets Authority

** Provident shares have lost 17% YTD

** Shares are up 8.3% at 483p by 0717 GMT, below the 511p a share offered by NSF

** NSF’s shares were unchanged in early deals (Reporting by Shariq Khan in Bengaluru)

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