Subprime lender Provident Financial has rejected a takeover approach by rival Non-Standard Finance (NSF), labelling the proposal as "opportunistic" and "irresponsible", while the Competitions & Markets Authority (CMA) has said it will investigate.
Last Friday, NSF, led by former Provident CEO John van Kuffeler, made a £1.3bn offer for Provident, the firm's second in just over a year. However, Provident said the offer "could have a negative and destabilising impact on shareholders, including its customers, for a considerable period of time," according to the Financial Times. The firm added the offer does not reflect the underlying value of the company and its "upside potential". On Tuesday, the CMA announced it had launched a merger enquiry into the bid. Malcolm Le May, CEO of Provident, commented: "The management team has...
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