Clifford Chance

Clifford Chance advised Provident Financial on its successful defence of Non-Standard Finance's takeover bid

International law firm Clifford Chance has advised Provident Financial plc (Provident), the UK non-standard credit provider, on its successful defence against the long running unsolicited offer made by Non-Standard Finance plc. The takeover offer was defeated despite being announced with the support of shareholders holding a majority of the voting rights of Provident.

The Clifford Chance team was led London Corporate Partners Lee Coney and Mark Poulton, who were supported by Senior Associates Alanna Hunter and Rui Huo. Partner Alex Nourry and Senior Associate Chandralekha Ghosh provided antitrust advice and Partners Dorian Drew and Owen Lysak provided Regulatory advice.

Previously, Clifford Chance advised Provident on its strategic review, subsequent rights issue and the related lender arrangements in February 2018.