- Provident Financial said shareholders had been given a significant period of time to assess a hostile £1.3bn takeover bid from Non-Standard Financial, which it still urged them to reject.

Non-Standard on Monday published its offer document, with a first closing date of 8 May.

In a letter to shareholders, Non-Standard said its offer of 8.88 of its shares for each Provident share presented 'a compelling and achievable vision for a better future for Provident'.

It also claimed its offer was 'based on the execution of a clear transformation plan and the application of new strategic direction'.

Provident said the bid undervalued the group and its prospects and presented operational and executive risks.

A considered response to the offer would be published in due course, it added.

'Despite the voluminous Offer document, NSF has once again failed to address the key problems with its offer; in particular that the regulatory environment has rightly changed beyond recognition in recent years, that Vanquis Bank is now the main driver of the business and that any attempt to distribute significant capital through the sale of Moneybarn is fraught with risk,' chief executive Malcolm Le May said.

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