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(Reuters) – The nonstandard Financial subprime lender (NSF) has set May 15 as the new closing date for its hostile bid to buy its rival competitor, Provident Financial, as well as the latest date on which the company will be buying. Offer may be declared unconditional for acceptances.
NSF's offer for Provident turns into a war of bitter words between the two subprime lenders. NSF accuses Provident Financial's executives of mismanaging the company.
Provident has expressed concerns over the strategic, operational and financial logic of NSF's offering and its historical dividends and share repurchases, prompting NSF to identify errors related to its previous payments.
NSF has announced that it will not extend the deadline and that it expects the offer, led by NSF General Manager John van Kuffeler, former CEO of Provident, be declared totally unconditional by June 5th.
He made an offer of 1.3 billion pounds ($ 1.68 billion) on Provident, which has rejected this offer several times.
"As we approach the final stages of this process, we believe that it is time to remind those who have not yet accepted our offer why the NSF board and I strongly believe that you should do it, "van Kuffeler said in a statement. .
Investors Neil Woodford, Invesco and Marathon, who together own more than 50% of NSF and Provident, support this offer, but Provident has repeatedly opposed it on the grounds that it is not the interest of the remaining shareholders.
NSF said the offer was backed by holders of just over 51% of Provident shares. This is well below its target of 90%.
Provident did not immediately respond to a request for comment.
(Report by Noor Zainab Hussain in Bengaluru, edited by Jason Neely and Louise Heavnes)
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