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Provident Financial Says NSF Offer Significantly Flawed, Value Destructive

Provident Financial plc (PFG.L) released Monday a statement by Schroders regarding Non-Standard Finance plc or NSF's offer for Provident Financial.

The Provident Board said it believes that the offer is significantly flawed and value destructive, and urgeD its shareholders to take no action in relation to the offer.

In the statement on last Friday regarding NSF's unsolicited offer, Schroders said it has noted the announcement from NSF that its Offer for Provident Financial has become unconditional as to acceptances.

Schroders Fund Manager Kevin Murphy said, "We remain of the view that it is in the best interests of those PFG shareholders who are not also shareholders in NSF to reject the NSF Offer and continue to hold premium listed PFG stock, confident in the protection for minority shareholders that this provides."

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