AxiCorp Financial Services ups Bell Financial Group’s bid to acquire Selfwealth

Selfwealth have announced that it has received a non-binding indicative proposal from AxiCorp Financial Services to acquire 100% of the shares in Selfwealth for $0.23 cash per share by way of a scheme of arrangement (Axi Proposal).

This follows a non-binding indicative proposal from Bell Financial Group on 13 December 2024 to acquire 100% of the shares in Selfwealth for $0.22 cash per share.

Axi is a privately owned global online brokerage firm focused on forex trading and contracts for difference. Founded in 2007 and headquartered in Sydney, Axi serves customers across 120 countries and employs over 400 staff across eleven global offices.

The Axi Proposal is subject to customary conditions, including a unanimous recommendation by the Selfwealth Board that shareholders vote in favour of the Axi Proposal, and a commitment that the Board vote the shares they hold or control in favour of the Axi Proposal, in the absence of a superior proposal and subject to the independent expert concluding (and continuing to conclude) that the Axi Proposal is in the best interests of Selfwealth shareholders.

Axi has indicated that it is prepared to negotiate and sign a binding implementation deed in an expedited manner. The Axi Proposal is not subject to due diligence or any financing conditions.

The Selfwealth board have advised shareholders that they do not need to take any action in relation to the Bell Proposal or the Axi Proposal, as there is no certainty that either proposal will result in a binding transaction.