LONDON (dpa-AFX) - Provident Financial plc (PFG.L) released a letter sent by Schroders regarding NSF's offer for Provident Financial. In the letter, Schroders said it will not be accepting NSF's offer for Provident Financial. Schroders believes NSF's offer is not in the best interest of PFG shareholders.
'NSF faces a number of operational and regulatory challenges, including an FCA investigation of its guarantor lending business. In our view, the best interest of PFG shareholders would be best served by the existing management continuing to execute on their recovery plans,' Schroders stated.
The Board of Provident Financial continues to urge its shareholders to take no action in relation to the NSF offer.
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