As someone that has worked at both companies, this seems like a...

As someone that has worked at both companies, this seems like a very good deal for Bell Financial Group, as it can extract synergies that Superhero can't.

Apart from synergies to be gained from moving Clearing and Execution to BFG's TPP from FNZ, what would have most attracted BFG would be the client cash book. - In time, we can expect to see clients migrate to the Bell Financial Trust product, which will allow Selfwealth clients to earn interest on the cash held in their trading account, and which in turn will allow BFG to fund and grow its Margin Lending business.

The likelihood of a competing offer is low. The only other firms that could see value in an acquisition of SWF would be FinTechs like UP, ZIP etc that may want to expand by offering investments on their platform. (Both of those platforms could use the client cash to fund the home loan/ personal loan products)