Selfwealth’s shares surged by 25% to A$0.175, potentially marking its best day since April 28, 2020.

The stock reached its highest level since June 6.

The flat fee brokerage company announced it received a confidential acquisition proposal from Stakeshop but the board decided against accepting the offer, deeming it not in the best interest of SelfWealth.

The cash offer of 17.5 Australian cents per share did not provide adequate value to Selfwealth shareholders, according to the company.

This news comes after the stock had fallen 30% year to date.

Selfwealth is a Australia-based online brokerage firm that offers flat fee trading services.