FirstRand makes £1.1bn bid for Aldermore
Aldermore Group has announced that it has received an indicative proposal from South Africa's largest bank, FirstRand, that would value the firm at £1.1bn.
Aldermore and FirstRand are currently in preliminary discussions, with the early-stage proposal pricing Aldermore's shares at 313p each.
In a statement, Aldermore says its Board "has indicated to FirstRand that it is likely to recommend a firm offer at this level".
Aldermore added: "There can be no certainty that any firm offer will be made or as to the terms on which any offer might be made. This announcement has been made without the consent of FirstRand and the Board will keep shareholders updated as appropriate."
FirstRand has until the 10th November to announce a firm intention to make an offer for Aldermore.
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