Selfwealth M&A battle continues with Svava binding proposal
Following the announcement last week that Selfwealth had commenced into a scheme of arrangement with Bell Financial Group, Svava has put forward a binding proposal.
In an ASX statement on 24 February, Selfwealth confirmed that it has received a binding proposal from Svava to acquire 100 per cent of the shares in Selfwealth for $0.28 cash per share by way of a scheme of arrangement.
The cash consideration under the Svava proposal represents a 12 per cent premium to the cash consideration of $0.25 per share under the proposed transaction with Bell Financial.
Svava holds approximately 43.4 million Selfwealth shares, representing approximately 18.8 per cent of shares on issue.
“Selfwealth has actively engaged with Svava since the announcement of the Svava proposal on 3 February 2025 and Svava has completed its due diligence,” the firm stated.
“During this engagement, Selfwealth has been provided with satisfactory information regarding Svava’s funding capacity, regulatory approval requirements and other matters which has led the board to determine to commence the matching right process under the scheme implementation deed with Bell announced on 25 November 2024.”
Svava first made a non-binding indicative proposal at the beginning of this month. The firm operates wealth management platforms through its Syfe brand in Australia, Singapore and Hong Kong.
Previously on 25 November, Selfwealth stated it had entered into a scheme implementation deed with Bell Financial, following its $0.25 per share proposal. Bell initially announced a $0.22 per share proposal, but this was later raised in light of the Svava deal.
The deal continued last week when Selfwealth confirmed it was still “actively engaging” with Svava due to its bid being considered a superior proposal.
The announcement on 24 February continued: “Accordingly, Selfwealth has now notified Bell of the material details, terms and conditions of the Svava proposal, and commenced the matching right process. Bell has until 5pm on 26 February 2025 to provide a counterproposal in response to the Svava proposal.
“Should Bell provide a counterproposal, Selfwealth will consider the counterproposal in accordance with the matching right provisions to assess if it would be reasonably likely to provide an equivalent or more favourable outcome to Selfwealth shareholders.”
Selfwealth also received a third bid from AxiCorp Financial Services in the past, but this was rejected as it was for $0.23 cash per share.
AUTHOR
Jasmine Siljic
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