MotoNovo’s parent company, FirstRand, is in talks over a possible takeover of UK challenger bank Aldermore.
Aldermore first revealed the news on Friday, and FirstRand added on Monday that it might not necessarily seek Aldermore’s unanimous board approval for the takeover.
The offer was put by FirstRand at 313p per share. Aldermore said “it [was] likely to recommend a firm offer at this level.”
Aldermore’s share price soared more than 40% after Friday’s announcement, and hit 310p. At the time of writing, shares are trading at 304p.
Aldermore’s statement was put out without consultation with FirstRand, to warn investors the talks were preliminary, after it noted “the recent share price movements”.
Share price for FirstRand, meanwhile, fell slightly on Friday. It then stabilised at around 3,565 ZAc (202p), a three-week high but still lower than the opening price on Friday.
FirstRand operates mostly in southern African countries, and has branches in the UK and India. Its biggest UK foothold at the moment is motor finance company MotoNovo.