April 29, 2019 / 6:32 AM / 10 months ago

NSF sets May 15 deadline for Provident hostile bid

April 29 (Reuters) - British sub-prime lender Non-Standard Finance (NSF) said on Monday it had set May 15 as the new closing date for its hostile offer to buy bigger rival Provident Financial and the last date on which the bid can be declared unconditional for acceptances.

NSF said it would not be extending the deadline and that it expects the offer to be declared wholly unconditional by June 5.

It has bid 1.3 billion pounds ($1.68 billion) for Provident which has repeatedly rejected the offer.

NSF CEO John van Kuffeler, a former CEO of Provident, said the bid had the backing of holders of just over 51 percent of Provident’s shares. That is well short of its 90 percent target.

$1 = 0.7730 pounds Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely

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