October 13, 2017 / 11:34 AM / 2 years ago

British bank Aldermore in deal talks with South Africa's FirstRand

Oct 13 (Reuters) - Aldermore Group Plc said on Friday it was in preliminary talks with South Africa’s biggest lender by value, FirstRand, about a possible offer for the British lender.

Aldermore, founded 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 were up 15.7 percent at 296.7 pence at 1126 GMT. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong)

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