MoneySmart rejects acquisition offer from MoneyHero Group

MoneySmart Group, Southeast Asia's personal finance group comprising two dynamic brands, MoneySmart and Bubblegum, announced that it has rejected an unsolicited, non-binding offer from MoneyHero Group to acquire 100% of the shares of MoneySmart Group.

Reasons for the refusal

The MoneySmart board has unanimously determined that this approach is not credible and that it will not be considered. The company further states that the manner in which the offer was made public, with no prior discussions with MoneySmart management, is highly unusual and has not engendered their confidence in, or openness to, such discussions.

The proposed merger does not align with MoneySmart's strategic objectives and would fail to deliver value to our shareholders. In addition, the adjoining press release from MoneyHero makes reference to a recent private share transaction which was driven by specific circumstances and not representative of MoneySmart's market value or future prospects.

Officials from MoneySmart added that the two businesses currently operate in a similar space but are on diverging paths in terms of strategy, financial sustainability and outlook. Their focus remains on advancing their products, services, and innovation, being a trusted partner to customers and executing their growth strategy.

What does MoneySmart do?

MoneySmart Group is a personal finance group in Southeast Asia, encompassing two dynamic brands: MoneySmart and Bubblegum. Bringing together these brands to offer a comprehensive range of financial products, knowledge and advice, MoneySmart Group is dedicated to equipping consumers with clarity, confidence, and control over their financial future.

MoneySmart provides a financial marketplace, comparison, and content platform for consumers to make informed product choices across various banking, insurance, and investment products. It does the hard work of compiling the information and facts to make it easy for people to compare and choose what's best for them.