May 15, 2019 / 3:51 PM / 3 months ago

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)

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