NSF declares £1.3bn Provident offer ‘unconditional’
The hostile takeover of Provident Financial by Non-Standard Finance has moved forward a step, with NSF dropping the level of acceptances needed from shareholders.
It has secured the support of 53.5% of the voting rights of Provident, but this is insufficient to force Provident to start the compulsory acquisition procedure. This is an increase of only 4% in the 12 weeks since NSF launched its “unsolicited” offer.
Provident said that 92% of shares were held by independent shareholders and that they had still not agreed to the ... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...