M&G rejects NSF hostile bid for Provident

Barnett and Woodford backed the bid

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Provident chairman Patrick Snowball
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Provident chairman Patrick Snowball

M&G Investments has entered the debate around Non-Standard Finance (NSF) and its hostile bid for Provident Financial (PFG), rejecting the offer on the table.

M&G's head of corporate finance and stewardship, Rupert Krefting has written to Provident Financial chairman Patrick Snowball (pictured), rejecting NSF's offer. M&G's stance follows fellow shareholders Schroders and Coltrane in failing to see the value in the £1.3bn bid - NSF's second in just over a year. PFG rejected the offer, which preceded a merger inquiry by the Competition and Markets Authority (CMA). CMA to investigate takeover bid for Provident Financial In total, holders of approximately 20.2% of Provident shares have publicly stated they do not intend to accept the NSF...

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