June 5, 2019 / 10:22 AM / 2 months ago

BUZZ-Provident soars past NSF bid price as hostile takeover falls through

(Updates share price, adds graphic, milestone)

** Shares of British sub-prime lender Provident Financial surge 17% after rival Non-Standard Finance drops hostile takeover bid

** Stock was trading at 520p by 0956 GMT, above the 511p a share offered by NSF

** Provident stock 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’s shares were 4.2% lower after it ditched the pursuit

** 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, which have heavily lagged the mid-cap index since NSF launched its bid in February, were on track for best day in over a year

Reporting by Shariq Khan and Muvija M in Bengaluru

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