Asset manager Bell Financial Group has made a non-binding proposal to acquire 100 per cent of retail trading platform SelfWealth.
The proposed transaction will be done via a scheme of arrangement for 22 cents per share, valuing SelfWealth at $51 million.
In an announcement to the ASX, Bell FG argued the proposed transaction would give SelfWealth clients access to more services, including margin lending, super lending, IPOs and capital raisings.
SelfWealth shareholders would receive a significant premium relative to the recent trading price of 12 cents per share.
Both companies have entered into an exclusivity deed which grants Bell FG the opportunity to negotiate and agree binding terms with SelfWealth on an exclusive basis for three weeks with potential for an extension. The proposal requires SelfWealth board and shareholder approval.