Non-Standard Finance plc / Provident Financial plc merger inquiry

The CMA investigated the anticipated acquisition by Non-Standard Finance plc of Provident Financial plc.

• From: Competition and Markets Authority
• Published: 26 February 2019
• Last updated: 14 June 2019 — See all updates

• Case type: Mergers
• Case state: Closed
• Market sector: Financial services
• Outcome: Mergers - phase 1 found not to qualify
• Opened: 26 February 2019
• Closed: 14 June 2019

Statutory timetable

Phase 1 Date	Action
11 June 2019	Decision announced
29 May 2019 to 12 June 2019	Invitation to comment
28 May 2019	Launch of merger inquiry
22 February 2019	Initial enforcement order

Phase 1

FNTQ decision announced

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.

• Full text decision (14.6.19)

Lapse of the public offer

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.

Invitation to comment: closes 12 June 2019

• Invitation to comment (29.5.19)

Launch of merger inquiry

28 May 2019: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement of initial period notice (29.5.19)

Initial enforcement order

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.

• Initial enforcement order (26.2.19)

Contact

Please send written representations about any competition or public interest to general.enquiries@cma.gov.uk.

Published 26 February 2019
Last updated 14 June 2019 + show all updates

1. 14 June 2019

   Found not to qualify for investigation decision published.

2. 10 June 2019

   Non-Standard Finance plc has confirmed that their offer to acquire the entire issued share capital of Provident Financial plc has lapsed.

3. 28 May 2019

   Invitation to comment issued and Commencement of initial period notice published.

4. 26 February 2019

   First published.