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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!