Non-Standard Finance ploughs ahead with Provident hostile bid

May 15 (Reuters) - Non-Standard Finance Plc on Wednesday ploughed ahead with its 1.3 billion pound hostile takeover of Provident Financial, even though the subprime lender failed to win the backing of some of its larger rival’s investors.

NSF, which first made a move on Provident in February, said the offer had become unconditional.

Investors holding only 53.53% of Provident’s issued share capital accepted the offer, well short of a 90% target. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Toby Chopra)


Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.

Sign up for a free trial of our full service at and follow us on Twitter @Breakingviews and at All opinions expressed are those of the authors.