The competition watchdog has formally launched an inquiry into Non-Standard Finance’s £1.1 billion takeover of rival Provident Financial, the latest stage of an acrimonious bid battle that has gripped the City. The Competition and Markets Authority has this morning issued an “invitation to comment” as part of its investigation into the deal. Provident and Non-Standard Finance offer high-interest loans to borrowers who have difficulty accessing credit. John van Kuffeler, the founder of Non-Standard Finance, used to run Provident for 22 years and the bid battle has turned into a war of words between the two companies. Non-Standard Finance has the support of just over 50 per cent of Provident shareholders thanks to the backing of Woodford Investment Management and Invesco, who are also shareholders in…

Source: The Times May 29, 2019 08:03 UTC