SelfWealth (ASX:SWF) received a binding proposal from Svava to acquire 100% of the shares in the firm for AU$0.28 cash per share by way of a scheme of arrangement, according to a Monday Australian bourse filing.
The firm earlier entered into a scheme implementation deed with Bell Financial Group (ASX:BFG) for an offer with a cash consideration of AU$0.25 per share.
After being provided with satisfactory information regarding Svava's funding capacity and regulatory approval requirements, the board of SelfWealth decided to begin the matching right process under the deed with Bell Financial.
Bell Financial has on Feb. 26 to provide a counterproposal in response to the Svava proposal.
Svava currently holds around 18.8% stake in SelfWealth.
SelfWealth's shares rose above 3% in early trading on Monday.
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