Provident Financial Services Inc (PFS.N)
LONDON Provident Financial's shares jumped on Wednesday after the collapse of a hostile takeover bid for the doorstep lender by rival Non-Standard Finance.
* Shares in Provident up 16.6%, NSF shares down 4.2% (Adds detail from statement, analyst quote, background)
** Shares of British sub-prime lender Provident Financial surge 17% after rival Non-Standard Finance drops hostile takeover bid
** Shares of British sub-prime lender Provident Financial jump over 9% after rival Non-Standard Finance drops hostile takeover bid
LONDON, June 5 Provident Financial's board welcomed the collapse of a hostile takeover bid for the doorstep lender by sector rival Non-Standard Finance, which sent its shares higher on Wednesday.
June 5 London's main index inched higher on Wednesday as comments from the U.S. central bank hinting at a possible cut in interest rates soothed investor nerves, while mid-cap sub-prime lender Provident rose after rival NSF dropped its hostile bid.
June 4 Lender Provident Financial said shareholder Janus Henderson Investors does not plan to accept the hostile takeover bid for Provident by Non-Standard Finance , adding that more than one-fifth of its shareholders hold the same position.
British doorstep lender Non-Standard Finance (NSF) faced a fresh hurdle in its hostile 1.3 billion pound ($1.6 billion)bid for rival Provident Financial on Wednesday as the UK competition watchdog raised questions over the proposed deal.
Britain's Non-Standard Finance dropped the level of acceptances needed to press ahead with a 1.3 billion pound ($1.7 billion) hostile bid for Provident Financial on Wednesday after winning over investors with 53.53% of its shares.
* Provident says that other conditions still pending (Adds details on deadlines, investors, graphic)