Selfwealth receives acquisition bid from Bell Financial Group

selfwealth Bell Financial Group acquisition M&A

13 November 2024
| By Laura Dew |
image
image
expand image

Selfwealth has announced it has received a “highly attractive” bid from Bell Financial Group to acquire 100 per cent of the company. 

The firm said in an ASX statement that it has received a non-binding indicative proposal from Bell to acquire 100 per cent of Selfwealth for $0.22 per share by way of a scheme of arrangement. 

This values the company at $51 million on a 100 per cent equity basis, an 83 per cent premium to the last close share price of Selfwealth of $0.120.  

This follows a period of engagement and due diligence between the two companies which began last month. 

“Following careful consideration, including advice from its financial and legal advisers, the Selfwealth board has determined the Bell proposal is highly attractive for Selfwealth shareholders. Selfwealth has therefore entered into an exclusivity deal with Bell to provide for a period to negotiate and document the terms of a binding offer for Selfwealth by Bell,” it said.

The exclusivity deal will last for three weeks with the possibility for a further one-week extension.

Selfwealth, which is led by Craig Keary as chief executive, said it unanimously recommends its shareholders vote in favour of the deal which will add 13,000 active portfolios to Bell in the absence of a superior proposal.

Bell said it is confident the acquisition can be achieved with minimal disruption for the two firms and their clients.

Bell chair Brian Wilson said: “We are excited by the prospect of welcoming Selfwealth’s clients and team to Bell. The integration of Selfwealth into our Technology & Platforms business will add significant scale, adding almost 130,000 active portfolios and increasing our sponsored holdings by $11 billion to $94 billion.”

Selfwealth chair Christine Christian AO said: “The board and management of Selfwealth view the Bell proposal as compelling for Selfwealth’s shareholders, team members and clients. It would deliver significant value to shareholders, with an attractive cash price and the potential to share in possible synergies for those electing to receive Bell shares. We also believe our clients will benefit from Bell’s diversified wealth management offering.”
 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 2 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week 1 day ago

The Federal Court has given a verdict on ASIC’s case against Dixon Advisory director Paul Ryan which had alleged he breached his director duties....

1 week ago