15th May 2019 17:16
LONDON (Alliance News) - Subprime lender Non-Standard Finance PLC on Wednesday said its offer for larger peer Provident Financial PLC has now become unconditional.
At at 1300 GMT on Wednesday, Non-Standard Finance had received acceptances representing 53% of Provident's issued share capital and its acceptance condition has been lowered to 50% from 90%.
Non-Standard Finance launched its GB1.3 billion hostile bid for Provident in March, which has become increasingly acrimonious since. Provident has objected to the takeover, calling it "fraught with risks". In return, the bidder, has accused Provident of making "incorrect assertions" about Non-Standard Finance's capital position.
Non-Standard Finance said that - having passed the milestone - it will approach Provident again in the hope of establishing "pragmatic and constructive dialogue".
Non-Standard Finance Chief Executive John van Kuffeler said: "We are pleased to have passed today's important milestone and are focused on satisfying all remaining conditions as soon as possible so that we can start to unlock substantial value for shareholders and restore Provident's business culture for the benefit of its customers and employees."
Shares in Non-Standard Finance closed down 1.5% at 48.00 pence on Wednesday. Provident's shares closed down 6.5% at 450.00p.
Related Shares:
PFG.LNSF.L