Australia's Selfwealth soars on $34.5 mln takeover bid

Bell Financial

14/11/2024 01:43

** Shares of Selfwealth  SWF.AX  rise as much as 22% to
A$0.25, hitting their highest since May 9, 2022
    ** Investment and brokerage service provider receives
non-binding indicative proposal from AxiCorp Financial Services
    ** Cash deal valued at A$53.1 mln ($34.45 mln)
    ** Offer price of A$0.23 per share is at ~22% premium to
stock's last closing price of A$0.205
    ** Proposal comes a day after co received a takeover offer
from Bell Financial  BFG.AX 
    ** More than 6 mln shares change hands, 15 times the 30-day
avg
    ** Stock up 51.5% YTD, including current session's moves

($1 = 1.5413 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))