SelfWealth (ASX:SWF) received a non-binding indicative proposal from Svava to acquire 100% of its shares for AU$0.28 per share in cash via a scheme of arrangement, according to a bourse filing in Australia on Monday.

Svava, which operates wealth management platforms in Australia, Hong Kong, and Singapore, acquired a stake of about 18.8% in the firm, or about 43.4 million shares.

The Svava offer values the firm at about AU$65 million on a 100% equity basis.

Earlier, Bell Financial Group (ASX:BFG) had agreed to acquire 100% of SelfWealth's shares for AU$0.25 per share.

The firm's board determined that Svava's offer could "reasonably be considered to become a superior proposal," and the firm is permitted to engage further with the firm about the offer, the filing said. It has requested further information, including Svava's funding capacity and potential requirement for regulatory approvals.

SelfWealth's shares rose nearly 4% in recent trading on Monday and earlier hit their highest since January 2022, while Bell Financial Group's shares fell past 1%.