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Provident Financial stepped up its attacks on hostile bidder Non Standard Finance, accusing the group of lacking competence and having irresponsibly tried to force shareholders to support its takeover without knowing whether it would be approved by regulators.
The two companies, both specialized in risky lending, have been engaged in an increasingly harsh war of words since NSF took action for its big rival in February.
Earlier this week, NSF, led by former Provident CEO John van Kuffeler, attempted to allay investors' concerns about a series of historic offenses. at company law and stated that she "had great confidence" in her ability to supplement the offer.
The demonstration of confidence helped raise the NSF's share price, which was at its lowest, but in a double declaration Wednesday, Provident said that his rival had still not answered several key questions and urged shareholders to not support the offer.
A spokeswoman for Provident said, "Management, the board of directors and the audit committee are asleep at work. It would be foolhardy to hand over the keys to a regulated bank and a business seven times larger than theirs. "
The NSF has already been accepted by investors controlling more than 50% of Provident and has set May 15th as a new deadline for shareholder acceptances. However, Provident said this would force investors to react before knowing any corrective action required by the competition authorities. .
He also said the "all-stock" proposal – which was initially no premium – was now significantly undervalued compared to Provident due to a recent decline in NSF's share price.
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