SelfWealth (ASX:SWF) and Svava, parent of the Syfe Group, entered into a scheme implementation deed under which Syfe agreed to acquire all of the Selfwealth shares that it does not already own for AU$0.28 cash per share via a scheme of arrangement, according to a Thursday Australian bourse filing.

The offer values SelfWealth at about AU$65 million on a 100% equity basis and represents a 27% premium to the initial public proposal by Bell Financial (ASX:BFG) of AU$0.22 cash per share.

The board of SelfWealth recommended that its shareholders vote in favor of Syfe's offer in the absence of a superior offer.

Bell decided not to make a counteroffer to Syfe's bid and as a result, the scheme implementation deed with Bell was terminated.

Syfe's offer is subject to approval by the Federal Court of Australia as well as approval by Selfwealth shareholders at a scheme of arrangement meeting, which is expected to be held before the end of April.