April 2, 2019 / 6:33 AM / 24 days ago

NSF hostile bid wins over 50 pct of Provident shares

April 2 (Reuters) - British sub-prime lender Non-Standard Finance has secured commitments for more than 50 percent of shares with its hostile bid for troubled larger rival Provident Financial, the company said on Tuesday.

“We are delighted to have received acceptances for a majority of Provident’s shares,” said NSF Chief Executive Officer John van Kuffeler.

“This represents a clear validation of the experienced NSF management team and of our transformation plan to unlock substantial value for shareholders, as well as providing us with a platform to complete this transaction.” (Reporting by Pushkala Aripaka in Bengaluru; editing by Patrick Graham)

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