Hostile bank takeover

A FOREIGN bank swooping on small lender Aldermore has warned it could go hostile if talks with its bosses break down.

south Africa’s Firstrand Bank is gearing up to make a formal £1.1bn offer for Aldermore, which provides finance to businesses.

Aldermore chiefs have announced they are likely to support the plan – but Firstrand said yesterday that it could demand a shareholder vote if they change their minds.

Investors will pocket 313p per share if the deal goes ahead, 22pc more than the stock was worth the night before it was announced.

The plans emerged on Friday, and Firstrand has until November 10 to make an official bid or walk away.