MoneySmart Dismisses Unsolicited Acquisition Offer from MoneyHero Group

SINGAPORE, Aug. 23, 2024 /PRNewswire/ -- MoneySmart Group, Southeast Asia's leading personal finance group comprising two dynamic brands, MoneySmart and Bubblegum, today announced that it has rejected an unsolicited, non-binding offer from MoneyHero Group to acquire 100% of the shares of MoneySmart Group.

The MoneySmart board has unanimously determined that this approach is neither serious nor credible and that it will not be entertained. The manner in which the offer was made public, with no prior discussions with MoneySmart management, is highly unusual and has not engendered MoneySmart's 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.