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FirstRand will not waive due diligence as condition for planned Aldermore buy

South Africa-based FirstRand Ltd. said Oct. 16 that it will not waive the completion of due diligence as a condition for a proposed takeover of U.K.-based Aldermore Group Plc.

FirstRand made an indicative proposal to acquire Aldermore's entire issued and to-be-issued share capital for 313 pence per share in cash, valuing the British lender at roughly £1.08 billion. Any firm offer to acquire Aldermore would be subject to completion of satisfactory due diligence and the unanimous recommendation of Aldermore's board of directors.

FirstRand said it can still waive the condition pertaining to the unanimous board recommendation.