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Minters and Freehills advise on CBA grab

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…

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 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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