June 4, 2019 / 7:39 PM / 20 days ago

REFILE-Brtish subprime lender NSF drops bid for rival Provident Financial

(Fixes typographical error in the headline)

June 4 (Reuters) - British subprime lender Non-Standard Finance (NSF) is dropping its hostile 1.3 billion pound ($1.65 billion) bid for rival Provident Financial, the company said on Tuesday.

After talks with the regulatory authorities, NSF said its offer for Provident Financial would lapse as the regulatory condition would not be satisfied by Wednesday midnight.

“As of midnight on 5 June, 2019, the offer will lapse and will not be capable of further acceptance and Provident shareholders who have accepted the offer will cease to be bound by such acceptances,” NSF said in a statement.

UK’s Competition and Markets Authority (CMA) raised questions over the proposed deal in May, saying that it was considering whether a merger of the two would result in a substantial lessening of competition.

$1 = 0.7873 pounds Reporting by Sabahatjahan Contractor in Bengaluru Editing by Edmund Blair

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