Source - SMW
Provident Financial shareholder Schroders has urged other investors in the sub-prime lender to reject Non-Standard Finance's hostile takeover bid.

'We have noted the announcement from NSF that its offer for Provident Financial has become unconditional as to acceptances,' Schroders fund manager Kevin Murphy said in a statement posted by Provident Financial.

'We remain of the view that it is in the best interests of those Provident Financial shareholders who are not also shareholders in NSF to reject the NSF offer and continue to hold premium listed Provident Financial stock, confident in the protection for minority shareholders that this provides.'