Selfwealth has announced it has received a revised proposal from Bell Financial Group to acquire 100 per cent of its shares for $0.25 cash per share by way of a scheme of arrangement.
The ‘Revised Bell Proposal’ represents an implied equity value for Selfwealth of approximately $57.7 million and a 108 per cent premium to the last close share price of $0.120 as of 12 November 2024.
Selfwealth initially received an acquisition offer from Bell FG on 13 November for 22 cents a share and a day later it had received a higher offer from AxiCorp for 23 cents per share.
Selfwealth considers the proposal to be in its shareholders’ best interests and accordingly has entered into a scheme implementation deed with Bell.
The Selfwealth board unanimously recommends that shareholders vote in favour of the proposal, subject to an independent expert agreeing in its report that it is in shareholders’ best interests.
The proposal is also subject to conditions including approval by Selfwealth shareholders at a scheme of arrangement meeting, expected to be held before the end of March 2025.