Baker Tilly chews over Tenon takeover

Baker Tilly has confirmed that it is reviewing a takeover bid for troubled top 10 accounting firm RSM Tenon, signalling continued consolidation in the mid-tier market.

Following the BDO/PKF merger earlier this year, RSM Tenon confirmed in a regulatory statement to the market that Baker Tilly had put forward an unsolicited approach for the firm, which could lead to an offer being made for the entire issued share capital of Tenon.

Tenon has so far provided information to Baker Tilly to help facilitate their investment evaluation process.

Baker Tilly also confirmed in a response that it...

Continued...

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Comments
bookmarklee's picture

This is a sad post-script to the Consolidators story

bookmarklee | | Permalink

It could be a great move for Baker Tilly but it's sad to see the impending demise of the 3rd big consolidator.

Back in 2009 there was talk of another group planning to launch a new consolidated practice in 2010. I questionned the logic for this in an article on accountingweb which also sets out the history of the consolidators as then existed. The new one was never launched.

Mark

carnmores's picture

not so sad Mark?    1 thanks

carnmores | | Permalink

tenon have hardly covered themselves with glory in their relatively short existence. it was a good idea woefully executed...

Time for the vet/IP    1 thanks

secondhand_22 | | Permalink

All the news I have ever heard about Tenon has been bad.  It started with posting losses and ended in accounts restatements/black holes (or whatever it was)

If it were a dog it would be put down.

I can't believe anyone wants to buy it.

 

Tenon

AndyC555 | | Permalink

I worked for them once.

 

And I didn't enjoy it.

 

So there.

Tenon    1 thanks

Ben Gander | | Permalink

I worked for Tenon in Basingstoke and have a lot of respect for the tax directors there; however, nationally I didn't feel they knew what they were doing.  The local offices had no interest in following the guidance from the top, wanting to do their own thing, the executive made it clear that the shareholders were the most important thing, it was all very disjointed ...  They wanted to provide an alternative to the Big Four, but didn't have the structure or the will of their members to do it.  I was an estate planning, trusts and inheritance tax consultant there, but couldn't get on because all of the local offices wanted to do the work themselves, rather than use an internal specialist, or the financial services guys hogged all the work.

Baker Tilly shouldn't touch it with a barge pole.  It should go back to being separate local offices.

Ben pretty much sums it up    1 thanks

nikfry | | Permalink

Once Andy Raynor was taken out of the equation it was doomed I feel

robertlovell's picture

Baker Tilly to pay ‘solely in cash’    1 thanks

robertlovell | | Permalink

Further to the announcement that Baker Tilly is reviewing the opportunity of making an offer for RSM Tenon, the firm has confirmed that in the event an offer is made, it will be solely in cash.

However, in a statement to the market, it added: “As previously stated, there can be no certainty that an offer will be made for RSM Tenon nor as to the terms on which any offer may be made.”