Nov 6 (Reuters) - Aldermore Group and South African lender FirstRand said they had agreed on a 1.1 billion pound ($1.31 billion) takeover of the British bank.
The 313 pence offer represents a 22.3 percent premium to Aldermore’s closing share price of 245 pence on Oct. 12, the day before the companies announced they were in talks.
Aldermore is among a group of so-called “challenger” banks that emerged after the financial crisis to fill a gap in small business lending and capitalise on problems at bigger lenders such as Royal Bank of Scotland and Lloyds.
Aldermore also reported higher nine-month new lending at 2.4 billion pounds, citing strong demand from small and medium sized businesses, homeowners and landlords.
JPMorgan, RBC Capital Markets and Lazard are advising the British company. ($1 = 0.7645 pounds) (Reporting by Noor Zainab Hussain in Bengaluru, editing by Louise Heavens)