Count fails in acquisition bid for Lonsdale
Count Financial has lost out to dealer group DKN in its bid to acquire Lonsdale Financial Group.
Count announced yesterday it had been informed by the Lonsdale board of directors that it would “not be advancing the matter” of Count’s offer last month to acquire the group.
According to the Count release, the Lonsdale directors are in “advanced and ongoing (acquisition) discussions” with financial services provider DKN Financial Group.
Count chief executive Marianne Perkovic said the Lonsdale board’s decision “was disappointing, since we saw Count as a better cultural fit for the Lonsdale Group given our track record and proven success working with accounting-based financial planning groups”.
DKN announced on July 6 that it was currently in discussions with (majority Lonsdale owner) Zurich Financial Services Australia with a view to acquiring the Lonsdale Financial Group and Wrap Account Limited.
Count announced an “indicative offer” to acquire Lonsdale in an announcement released on the Australian Stock Exchange (ASX) on July 12.
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