SelfWealth (ASX:SWF) said it plans to enter into a scheme implementation deed with Svava to adopt the latter's takeover proposal "as soon as practicable," according to a Wednesday filing with the Australian bourse.
This comes after Bell Financial Group (ASX:BFG) decided not to make a counterproposal to Svava's bid for the brokerage services provider, per a separate filing.
Svava on Feb. 24 offered to acquire SelfWealth for AU$0.28 cash per share, versus Bell Financial's bid of AU$0.25 per share.
Bell Financial said its decision was based on its "assessed valuation of Selfwealth, the risks associated with an anticipated lower interest rate cycle, current market conditions and the competitive landscape."
SelfWealth's shares were down nearly 5% in recent Wednesday trade, while Bell Financial Group's shares slipped almost 1%.
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