After revealing last month that it had approached RSM Tenon about a potential acquisition, Baker Tilly have now stated that they will not be making an offer at present.
Uncertain future for RSM Tenon
RSM Tenon is experiencing significant financial troubles, with net debts of £80.4 million at the end of 2012. Shares in the firm were suspended from trading this morning.
The company’s 2011 losses were due in the most part to FSA settlement costs and a £63.7 million goodwill writedown.
Last week it was revealed that RSM Tenon’s shareholders stood to gain very little if a deal went through.
A deal may not be completely off the cards however, as Baker Tilly said in a today that there was ‘significant value’ in RSM Tenon and it was still open to ‘alternative’ future deals.