Baker Tilly does not intend to make an offer for the entire issued share capital of RSM Tenon, but following the appointment of Deloitte as administrators this morning, a deal has been agreed for the sale of Tenon's trading entities.
Early this morning Baker Tilly said in a statement to the market that despite pulling out of the takeover deal, there was significant value in the RSM Tenon Group and that it continued to be interested in an alternative potential transaction involving an acquisition of part or all of the business.
The Financial Conduct Authority (FCA) temporarily suspended shares in Tenon from trading this morning “at the request of the company pending an announcement”.
That announcement turned out to be the appointment of joint administrators from Deloitte - including Matt Smith, Nick Edwards and Clare Boardman - who immediately sold Tenon’s trading subsidiaries to Baker Tilly, with a pre-pack deal expected to...
About Robert Lovell
Business and finance journalist