The battle for control of listed brokerage Selfwealth (ASX: SWF) has expanded into three-way affair after the owner of the Syfe wealth management platform indicated it was willing to pay $65 million for a full takeover.

The indicative offer, pitched at 28c per share, is up from the already upsized 25c-per-share offer from Bell Financial Group (ASX: BFG) which has been recommended by the Selfwealth board.

The Singapore-based Svava Pte Ltd, which operates the Syfe platform in Singapore, Hong Kong and Australia, also has made the fight that much harder for Bell by scooping up 43.4 million Selfwealth shares, giving it a potential blocking stake of 18.8 per cent.

Bell, which launched its first salvo for Selfwealth in November valuing the company at $51 million, was trumped by a rival $58 million bid from AxiCorp Financial Services, a Sydney-based global online brokerage group which was prepared to pay 23c per share.

Despite Svava lobbing an indicative bid of 28c per share, the Selfwealth board is sticking to its guns on Bell Financial’s latest offer of 25c per share – for now at least.

“The Selfwealth board continues to unanimously recommend that Selfwealth shareholders vote in favour of the Bell offer, in the absence of a superior proposal as defined in the Bell SID (scheme implementation deed) and subject to an independent expert concluding (and continuing to conclude) that the Bell offer is in the best interests of Selfwealth shareholders,” the company says today.

The Bell offer is subject to approval by Selfwealth shareholders who are scheduled to vote on the proposal at a meeting before the end of March.

Selfwealth says that after reviewing the Svava proposal the company has determined that while it is currently indicative and non-binding, it could “reasonably be considered to become a superior proposal as defined in the Bell SID”.

As a result, Selfwealth is allowing the Syfe owner to engage further to establish if its proposal is likely to be more favourable to shareholders.

Svava wants Selfwealth to terminate the Bell takeover proposal and offer it an exclusivity arrangement ahead of a potential binding implementation deed being put forward.

Selfwealth notes that the Svava proposal represents a 133 per cent premium to the last close share price of 12c for Selfwealth shares at 12 November 2024, which was the day immediately prior to announcement of Bell’s first offer for Selfwealth.

“Selfwealth is engaging with Svava and has requested further information regarding certain matters, including Svava’s funding capacity and potential requirement for regulatory approvals, including from the Foreign Investment Review Board,” says the company.

“There is no certainty that the Svava proposal will result in a binding transaction. Selfwealth shareholders do not need to take any action at this time in relation to either the Svava proposal or the Bell offer.”

Selfwealth shares were trading at 27c, up 0.5c, at 11.52am (AEDT).

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