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Aldermore in buyout talks with FirstRand

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  • 16/10/2017
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Aldermore in buyout talks with FirstRand
Aldermore Bank confirmed on Friday it is in preliminary talks with South Africa’s biggest lender by value, FirstRand, about a possible offer for the British bank.

Aldermore, launched in 2009 by a former Barclays executive with backing from private-equity firm AnaCap, said it had recently received an “indicative proposal” for 313 pence per Aldermore share in cash.

“Board of Aldermore has indicated to FirstRand that it is likely to recommend a firm offer at this (313 pence) level,” it said in a statement.

Aldermore’s shares surged after the announcement and are trading at 303p this morning, after a 15.7 % leap on Friday to 296.7.

On Friday, Aldermore said: “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.”

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