The offer of 313p per share is a 63% premium to Aldermore's float price and would value the firm at over £1 billion.
Aldermore responded by issuing a statement disclosing that FirstRand had approached it about a possible offer for 100% of the group.
Shares surged on the news, rising 19% in midday trading to 304p.
Debora Shoquist Sells 33498 Shares of NVIDIA Corporation (NVDA) Stock
On a one to five ratings scale where 1.0 indicates a Strong Buy, 2.0 indicates a Buy, 3.0 a Hold, 4.0 a Sell and 5.0 a Stong Sell. COPYRIGHT VIOLATION NOTICE: This piece of content was first published by Week Herald and is the property of of Week Herald.
Under Takeover Panel rules, FirstRand now has until 5pm on 10 November to either announce a firm intention to make an offer for Aldermore, or to announce it doesn't intend to proceed with the bid.
"There can be no certainty that any firm offer will be made or as to the terms on which any offer might be made. This announcement has been made without the consent of FirstRand and the board will keep shareholders updated as appropriate".
Britain's so-called challenger banks, such as Aldermore, emerged after the financial crisis to fill a gap in small-business lending.
"FirstRand has been assessing opportunities to build a sustainable long-term deposit franchise to fund its strategy to grow and diversify the revenues of its current United Kingdom business", FirstRand said via the Stock Exchange News Service (Sens).
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