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Minters and Freehills advise on CBA grab

Minter Ellison and Freehills have advised on the Commonwealth Bank of Australia's (CBA) acquisition of Count Financial.Count Financial, Australia's largest independently-owned network of…

August 31, 2011 • By Lawyers Weekly

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Minter Ellison and Freehills have advised on the Commonwealth Bank of Australia's (CBA) acquisition of Count Financial.

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Count Financial, Australia's largest independently-owned network of financial planning accountants and advisers, has entered into a Scheme Implementation Deed with CBA under which the bank will acquire all of the ordinary shares in Count, subject to shareholder approval.

Count, which has a franchisee network of more than 400 accounting firms across Australia and about $10 billion of funds under advice, unanimously recommended to shareholders that they vote in favour of the scheme under which they have the choice of receiving $1.40 per Count share or $1.40 in CBA shares.

Minters corporate and M&A partner James Philips led a Sydney team which included corporate partner Michael Barr-David, financial services partner Nathan Cahill and corporate special counsel Michael Donovan.

Freehills also advised on the transaction which was valued at $373 million.

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