11 June 2019: The CMA has decided that the offer by Non-Standard Finance plc to acquire the entire issued share capital of Provident Financial plc does not qualify for investigation under the merger provisions of the Enterprise Act 2002.
10 June 2019: On 22 February 2019, Non-Standard Finance plc (NSF) made an offer to acquire the entire issued share capital of Provident Financial plc (Provident). One of the offer conditions was that NSF had to obtain regulatory approval from the Prudential Regulation Authority. On 4 June 2019, NSF announced that this condition would not be satisfied by midnight on 5 June 2019 – the deadline by which all conditions to the offer had to be satisfied or waived – and that, as a consequence, the offer would lapse. NSF has since confirmed to the CMA that the offer has lapsed.
On 22 February 2019, the CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Non-Standard Finance plc, in relation to the the anticipated acquisition by Non-Standard Finance plc of Provident Financial plc.