By Dimitrios Kontos
Shares in Aldermore Group PLC (>> Aldermore Group PLC) rose as much as 20% Friday after the U.K. bank confirmed it has received an indicative proposal from FirstRand Ltd. (FSR.JO) regarding a possible offer for its entire share capital.
FirstRand is offering Aldermore 313 pence per ordinary share in cash.
Aldermore's board has indicated to FirstRand that it is likely to recommend a firm offer at this level.
The two companies are in preliminary discussions about the details of the possible offer, Aldermore said, and in accordance with City code FirstRand has until 1700 GMT on Nov. 10 to announce its firm intention to make such an offer.
Shares at 1135GMT were up 50 pence, or 20%, at 306 pence.
Write to Dimitrios Kontos at [email protected]