A PYMNTS Company

UK: NSF drops bid for rival Provident Financial

By  |  June 5, 2019

According to a report from Reuters British subprime lender Non-Standard Finance  is dropping its hostile 1.3 billion pound ($1.65 billion) bid for rival Provident Financial.

After talks with regulatory authorities, NSF’s offer for Provident would lapse as the regulatory condition would not be satisfied by Wednesday midnight, the company said in a statement.

“As of midnight on June 5, 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.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.