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RSM Tenon and Baker Tilly announce merger talks

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RSM Tenon has announced it is in discussions with Baker Tilly for a possible merger. In a statement, RSM Tenon said: ‘Given the level of debt within the company, any potential transaction would require the support of its sole lender, Lloyds Banking Group PLC. As a consequence, the board considers that, if an offer is made, it is likely to be at a level which is significantly below the current market price of the ordinary shares of the company.’ RSM Tenon’s shares fell 35% on the news, and have since dropped further to 1.70p (at the time of going to press), down more than 70% on the price 12 months ago.

KPMG has announced the following promotions to partner, effective from 1 October 2013: Chris Downing and James Prince, both in KPMG’s indirect tax team; Nick Pheasey and Dan Crowther, both in the private client advisory team; and Tim Sarson, a corporate tax specialist.

Issue: 1180
Categories: News