UPDATE 1-Struggling lender Provident rejects $1.7 billion bid from rival [Reuters (UK)]
PROVIDENT FINCL PLC S/ADR (FPLPY)
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Source: Reuters
UPDATE 1-Struggling lender Provident rejects $1.7 billion bid from rival | Reuters 3 Min Read (Adds background, share performance, chairman comment) Feb 25 (Reuters) - Provident Financial Plc said on Monday it has rejected an unsolicited 1.3 billion pound ($1.7 billion) offer from smaller rival Non-Standard Finance Plc to buy the subprime lender, calling it a “highly opportunistic approach”. “The board considers that this hostile offer represents an irresponsible approach in the context of a financially regulated business which is recovering from a period of substantial instability,” Provident said. Non-Standard Finance (NSF) said on Friday that it proposed to simplify Provident, selling off its vehicle finance arm Moneybarn and divesting or shutting short-term unsecured loans business Satsuma. Provident, however, said the disposals did not make economic sense. Former Provident boss John van Kuffeler is leading the unsolicited bid to buy the firm where he spent 22 years, but which has
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