FirstMac Limited made an offer to acquire remaining 85.01% stake in Goldfields Money Limited (ASX:GMY) from Peter Wallace, Simon Lyons, Peter Hall and others for AUD 21.4 million on October 16, 2017. As per the transaction, FirstMac Limited made an offer to acquire remaining 19.14 million shares of Goldfields Money Limited at AUD 1.12 per share. The transaction will be funded through FirstMac Group internal funding arrangements and existing cash reserves. If FirstMac Limited acquires up to 90% or more, it will make compulsory acquisition through a notice. Post completion, FirstMac Limited intends to keep listing status of Goldfields Money Limited if FirstMac Limited gains control without having compulsory acquisition and delist from Australian Stock Exchange upon compulsory acquisition. FirstMac Limited intends to retain all existing members of Goldfield Money Board and employees. Goldfields Money Limited shareholders are advised not to take any action until Board of Director's final recommendation in target statement which is expected to be filed on or before November 6, 2017. As of November 3, 2017, the Board of Goldfields Money Limited unanimously recommends to reject the offer since offer does not represent the adequate value. The independent expert has concluded that the offer is not fair and not reasonable. Goldfield Money’s three largest shareholders holding 41% stake (excluding Firstmac and its associates), and directors who have shares, have confirmed to the Board that they will not accept the offer at the current price of AUD 1.12 per share. The offer is unconditional. The offer period will commence from October 31, 2017 and close on December 1, 2017. As on November 9, 2017, FirstMac Limited filled second supplementary bidders statement. The offer price has been revised to AUD 1.27 per share. Goldfields Money Limited maintains its unanimous recommendation to shareholders to reject the offer and take no action on increased offer price. On November 27, 2017, FirstMac Limited confirmed that tender offer will not be extended. Patersons Securities Limited acted as broker to FirstMac Limited. King & Wood Mallesons, Australia Branch acted as legal advisor to FirstMac Limited. Boardroom Pty Limited acted as the share registry to the offer. Andrew Rowell of Cannings Purple acted as public relations advisor for Goldfields Money. Julie Wolstenholme and Stuart Bright of Ernst & Young Transaction Advisory Services Limited acted as financial advisor for Goldfields Money Limited. Ernst & Young Transaction Advisory Services Limited charged a fee of AUD 0.07 million in the transaction. Azure Capital Pty Ltd. acted as financial advisor & Lavan Legal acted as legal advisor for Goldfields Money Limited. KPMG was appointed as auditor for Goldfields Money Limited in the transaction. FirstMac Limited cancelled the acquisition of remaining 85.01% stake in Goldfields Money Limited (ASX:GMY) from Peter Wallace, Simon Lyons, Peter Hall and others on December 1, 2017. Offer lapsed on December 1, 2017 without Firstmac obtaining any additional shares in Goldfields.