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M&G to vote against Non-Standard Financial bid for Provident Financial

Tuesday, 28th May 2019
Sub-prime lender Provident Financial confirmed that investor M&G had decided not to accept Non-Standard Financial's hostile takeover bid for the company.

Provident Financial said shareholders of around 20.2% of its shares had publicly stated that they did not intend to accept the bid.

'M&G is supportive of PFG's current strategy and does not believe that a combination with NSF and subsequent break up of the enlarged group will create value for PFG shareholders, and therefore is not in the best interest of our investors,' M&G said in a letter published by Provident Financial.

M&G currently held a 1.7% stake in the company.

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Story provided by StockMarketWire.com

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