Simplify Asset Management has offered $2.25 per share in cash for Marygold Companies, topping Madison Dearborn Partners’ agreement to acquire the company for $2 per share. The competing bids put Marygold-owned USCF Investments, a commodity-focused ETF issuer with roughly $6 billion in ETF assets, at the center of a potential bidding contest. MDP’s Sept. 25 agreement valued Marygold at about $85 million and included plans to inject capital into USCF, refocus Marygold on ETFs and install Tim Rotolo as CEO. Simplify CEO Paul Kim described USCF’s lineup as a natural complement to Simplify’s alternatives- and income-focused platform. Simplify said its proposal has no financing contingency. The offer is 12.5% above MDP’s bid, although shareholders representing roughly 75% of Marygold’s shares had agreed to support the MDP transaction. USCF’s next owner could shape the future of a prominent commodity ETF franchise as established fund platforms become increasingly valuable acquisition targets.