Provident chair lays into suitor

The chairman of takeover target Provident has accused suitor Nonstandard Finance of “unlawful” activity and urged shareholders to take no action over the “dreadful deal” on the table.

Patrick Snowball said in a letter to shareholders, revealed yesterday, that NSF’S £1.3 billion offer for the firm resembles “more of a coup d’etat than a hostile takeover”.