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UK's Aldermore agrees $1.3 billion takeover by FirstRand

Staff Writer |
South African lender FirstRand has agreed a 1.1 billion pound ($1.3 billion) takeover of British Aldermore Group.

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The 313 pence per share offer represents a 22.3 percent premium to Aldermore's closing price of 245 pence on Oct. 12, the day before the companies announced they were in talks.

At 0820 GMT, Aldermore's shares were up 2.4 percent at 309.7 pence. FirstRand's shares were up 0.2 percent at 52.49 rand.

Aldermore is one of 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.

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