UK subprime M&A scrap risks bloody outcome aimeedonnellan
UK lender Provident Financial’s shareholder Schroders said on May 7 it would not accept Non-Standard Finance’s 1.1 billion pound all-share offer for the group. Schroders holds a 14.6% stake in Provident.
NSF, led by former Provident boss John van Kuffeler, already has the backing of three shareholders owning just over 51% of Provident’s shares. Those three shareholders, Invesco Asset Management, Woodford Investment Management and Marathon Asset Management, also own stakes in NSF. Schroders said it was worried that the timing of the offer would leave Provident shareholders exposed to any remedies imposed by the UK competition authorities. Schroders also said that NSF “faces a number of operational and regulatory challenges”.
“We do not believe the shareholders of PFG who are also collectively majority shareholders in NSF should be seeking to impose the challenges of the latter company on the former,” Schroders said.
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