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Subprime Giant NSF Drops £1.3B Hostile Bid For Rival

Law360, London (June 5, 2019, 3:46 PM BST) -- Subprime loan company Non-Standard Finance pulled the plug on Wednesday on a £1.3 billion ($1.7 billion) hostile takeover bid for a rival lender after admitting it would fail to win approval from British regulators.

The loans company said it will allow its offer for Provident Financial PLC, a doorstep lender, to “lapse” after failing to win support from shareholders and regulators. The Competition and Markets Authority has been investigating the proposed deal.

Non-Standard Finance PLC’s bid for Provident — which valued the company at 511 pence a share — was conditional on getting the support of the Prudential Regulation Authority and the Financial...

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