Offer for Provident Financial takeover extended

The firm will now give shareholders with the Bradford-based lender until May 15 as to whether to accept their offer. It has also claimed no further deadlines will be accepted and said it expects the deal to be declared unconditional by June 5.

Non Standard Finance also said that their offer will revitalise Provident and unlock substantial value for the benefit of customers, employees and shareholders of both Provident and NSF.

However Provident bosses say the deal undervalues the company,

A statement read: “The NSF Board urges Provident Shareholders to accept our Offer without delay and, in any event, by 1.00 p.m. on 15 May 2019, being the last date on which the Offer can be declared unconditional as to acceptances, so we can start to implement our transformation plan for the benefit of customers, employees and shareholders.”

John van Kuffeler, NSF’s Group Chief Executive said: “Our Offer and transformation plan for Provident is compelling and will benefit customers and employees as well as unlock substantial value for shareholders. It represents a clear alternative to the status quo offered by the Provident Board and, having already received acceptances from shareholders holding over 50 per cent. of Provident’s shares, we urge all remaining Provident shareholders to accept our Offer without delay.”