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S'pore's Syfe emerges as 3rd bidder in fight for Aussie-listed Selfwealth
The Straits Times
|February 05, 2025
Singapore-based investment platform Syfe has emerged as a third bidder in the battle to buy Selfwealth, one of Australia's largest digital investing platforms.
The home-grown company has made a non-binding indicative proposal via Svava to acquire all of Selfwealth for A$65 million (S$55 million). This translates to 28 Australian cents cash a share, Selfwealth said in a statement to the Australian Securities Exchange (ASX).
Svava operates wealth management platforms through its Syfe brand in Australia, Singapore and Hong Kong. It is the third company publicly entering the foray to buy Selfwealth, following bids from Australia-based Bell Financial Group and AxiCorp Financial Services in 2024.
At A$65 million, Svava's offer is at a 133 per cent premium to Selfwealth's closing share price of 12 Australian cents on Nov 12, 2024, the day prior to Bell's initial offer.
According to filings on ASX, Selfwealth received a takeover bid from Bell on Nov 13 to buy the company for 22 Australian cents per share. This valued Selfwealth at A$51 million, an 83 per cent premium to its Nov 12 closing share price.
This story is from the February 05, 2025 edition of The Straits Times.
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