LONDON (dpa-AFX) - Non-Standard Finance Plc. (NSF.L) decided to withdraw its hostile takeover bid for Provident Financial Plc. (PFG.L), as regulatory condition would not be satisfied by June 5.
Meanwhile, Provident said it believes the outcome to be in the best interests of Provident Shareholders and greatly regrets the unnecessary distraction, cost and impact of the uncertainty on Provident's customers and staff caused by NSF pursuing its extended hostile Offer.
NSF said that after discussions with regulatory authorities, it came to the conclusion that conditions for the offer 'will not be satisfied by midnight on 5 June 2019, the last time by which all conditions to the offer must be satisfied or waived. Accordingly, NSF has decided, with the consent of the Takeover Panel, to lapse the offer.'
NSF noted that its board remains committed to its long-term strategy of delivering value to all NSF shareholders, including through its progressive dividend policy. The NSF Group's final dividend for 2018 of 2.00 pence per share will be paid on 7 June 2019 to those NSF shareholders on the register on 24 May 2019.
Copyright RTT News/dpa-AFX