Diverger has confirmed in an announcement to the ASX that it has received a non-binding offer to be acquired by COG Financial Services.

The offer is for $1.41 per share, made up of cash of $0.68 per share and $0.73 of COG scrip. COG says its offer is in the best interests of both sets of shareholders.

COG describes itself as a “finance broker aggregator and equipment leasing business for small to medium-sized enterprises”.

To fund $10 million of the cash consideration under the offer, COG would undertake a capital raising, to be fully underwritten by Ord Minnett. This capital raising combined with other funding sources, provides full funding for the acquisition.

The offer comes amid last month’s announcement that Count would acquire the rival licensee, which it valued at $1.14 per share.

In a separate response to the ASX, Diverger said the proposal is not currently regarded by the board as a superior proposal to the offer from Count, but it is yet to make an official recommendation while it continues to assess the COG offer.

“The board has not changed their unanimous recommendation in favour of the current scheme proposal with Count,” the Diverger announcement said.