Non-Standard Finance was accused of panic on Monday as it moved to shove through its takeover of doorstep lender Provident Financial, giving shareholders two weeks to back its offer.
NSF, led by former Provident boss John van Kuffeler, already has the approval of investors holding more than 50% of the stock.
On Monday it asked the other investors to back its all-share deal by 1pm on May 15 so it can “start to implement our transformation plan for the benefit of customers, employees and shareholders”.
NSF, a smaller version of Provident, says it expects watchdogs including the FCA and the PRA to have approved the deal by June 5.
A review by the competition watchdog is still pending though.
Provident hit back: “NSF has panicked. Their share price has plunged to an all-time low and their bid is under attack. They have set a deadline for acceptances that will deny investors the chance to see the outcome of the CMA review, as allowed by the Takeover Panel’s decision to freeze the bid timetable, and means if the offer were to close shareholders would bear the very real risk and potential costs of that process.
“Their offer — a 24% discount to the current Provident share price — remains risky, flawed and value-destructive.”
