- Axi proposes a AUD $52 million acquisition of SelfWealth with an offer of AUD $0.23 per share.
- SelfWealth shares surge to AUD $0.25, exceeding Axi and Bell Financial competing bids amid market speculation of higher offers.
Australia-based retail FX and CFDs broker Axi has submitted a proposal to acquire SelfWealth Ltd, a publicly listed low-cost trading platform.
AxiCorp Financial Services Pty Ltd, offered AUD $0.23 per share, valuing SelfWealth at AUD $52 million (USD $34 million). This bid slightly surpasses the AUD $0.22 per share offer from Bell Financial Group Limited, another Australian online broker.
SelfWealth shares have been trading in the AUD $0.12-0.13 range for months but recently rose to AUD $0.25, reflecting market anticipation of further developments. Axi has expressed its willingness to accelerate the deal by signing a binding implementation agreement without requiring due diligence or financing conditions.
