OFX Shares Fall From $0.75 to $0.61 as Equals Talks Continue

ASX Questions OFX Share Price Movement

OFX Group Limited (ASX:OFX) has confirmed that takeover discussions with Equals remain active after its shares fell from $0.75 on 22 September to an intraday low of $0.61 on 23 September, alongside a significant increase in trading volume. The move prompted ASX to issue a price query under Listing Rule 18.7.

OFX told the exchange it was not aware of undisclosed information that could explain the trading. Instead, it pointed to the proposed all-cash acquisition by Alakazam Holdings Bidco, the direct owner of UK-based international payments company Equals Group, and said the parties had made meaningful progress in negotiating a Scheme Implementation Deed.

Exclusivity Extension Remains Uncertain

The existing Transaction Process Deed provides for exclusivity until 25 September while Equals completes confirmatory due diligence, secures debt financing and negotiates the terms of the scheme. OFX said the parties are now negotiating a potential extension, but stressed that any extension remains subject to agreement with Equals and approval by the OFX board.

That distinction matters: the filing confirms continuing negotiations, not a signed Scheme Implementation Deed or a completed transaction. The acquisition therefore remains dependent on further documentation, financing arrangements and the other conditions associated with a scheme of arrangement.

OFX Sets 25 September Update Deadline

OFX said it intends to update the market on or before 25 September regarding its discussions with Equals. It also confirmed that its response to ASX was authorised by its Continuous Disclosure Committee and that it was complying with the Listing Rules, including the continuous disclosure requirements of Listing Rule 3.1.

The next announcement should clarify whether exclusivity has been extended and whether negotiations have advanced to a signed Scheme Implementation Deed. Until then, the market has confirmation that the talks continue, but not the certainty needed to turn the proposed acquisition into a binding transaction.