Lender Snubs £1.3B NSF Bid Amid Struggles With Regulators
Law360, London (February 25, 2019, 12:33 PM GMT) -- Doorstep lender Provident Financial PLC, which is struggling as regulators and lawmakers crack down on high-cost lending, rebuffed a “highly opportunistic” hostile takeover offer on Monday that values the company at approximately £1.3 billion ($1.7 billion).
Provident said the unsolicited all-share offer from from Non-Standard Finance PLC, which was announced on Friday, is “extremely disappointing.” The takeover, which values each Provident share at 511 pence, is being spearheaded by John van Kuffeler — a former executive who spent 22 years at the British lender.
Both businesses provide short-term loans to consumers who may be struggling to borrow cash from mainstream lenders....
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