Goldfields sits pretty as clock runs down on ‘inadequate’ Firstmac bid

Time is running out for Goldfields Money shareholders to accept a takeover bid from Firstmac — and the would-be digital bank is confident it will emerge triumphant.

Goldfields (ASX:GMY) has until 4pm AEDT on Friday to accept Firstmac’s offer of $1.27 a share, which it previously described as “inadequate and opportunistic”.

In an announcement to shareholders on Tuesday, Goldfields bragged that Firstmac had failed to acquire a single share.

“Under both offer prices of $1.12 and $1.27, Goldfields Money shares have traded above the offer price, meaning Firstmac Holdings has consistently offered Goldfields Money shareholders a lower price than shareholders who wish to sell have been able to achieve by selling on market,” they said.

Instead, the board has urged shareholders to accept a merger with Finsure, which would see its shares valued at $1.50 — a 13 per cent premium to the current trading price.

The deal would result in Goldfields owning a national mortgage aggregation network and wholesale mortgage business.

Shares jumped 8.5 per cent on news of the second proposal, what Goldfields maintains is an indication of market support.