Watchdog Puts £1.3B Sub-Prime Lender Takeover On Hold

Law360, London (April 16, 2019, 4:39 PM BST) -- Britain’s competition watchdog has frozen the bidding for an attempted hostile takeover of sub-prime lender Provident Financial by its rival Non-Standard Finance to allow the agency to weigh the impact of the acquisition on access to the credit market.

The Competition and Markets Authority has been considering whether to investigate the proposed £1.3 billion ($1.7 billion) tie-up between Provident Financial PLC, a so-called doorstep lender, and Non-Standard Finance PLC. But the Panel on Takeovers and Mergers said on Monday that it will delay the next steps of the deal until the competition regulator makes a decision.

The two companies are now blocked from combining...

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