Provident Financial suitor Non-Standard Finance (NFS) has announced they have secured commitments to its £1.3bn hostile takeover, this represents almost half of the shares in the doorstep lender.
Non-Standard has had acceptances for 50.7% of Provident’s shares, this also includes the announced support from Woodford Investment Management
Invesco Asset Management and Marathon Asset Management will hold a 49% stake in Provident together.
The acceptance offer is currently no less than 90%, however NFS can vary the level, in due course further announcements will be made.
John van Kuffeler, Non-Standard chief executive said, “We are delighted to have received acceptances for a majority of Provident’s shares.
“This represents a clear validation of the experienced NSF management team and of our transformation plan to unlock substantial value for shareholders, as well as providing us with a platform to complete this transaction and get on with the job of implementing our plan.”
He added, “The Provident board continues to have very material concerns about the strategic, operational and financial merits of the NSF offer and is keen to ensure that all of its shareholders, including those that do not have a shareholding in NSF, have full clarity with respect to the terms and implications of the NSF offer.”