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Tenon makes £76.3m bid for RSM Bentley Jennison
Tenon, the East Midlands business advisory firm, is looking to raise £40m through a shares issue to help it buy professional services business RSM Bentley Jennison. The deal - worth £76.3m - will create the seventh-largest accountancy and financial advisory firm in the UK by fee income, third outside the 'Big 4', and give Tenon access to a major international network. Andy Raynor, chief executive of Tenon, said: "This deal brings together two of the most substantial entrepreneurial businesses in our industry. It is the beginning of a new era of opportunity and growth for our teams and provides us with an excellent platform from which to challenge traditional approaches to client focus and service delivery." Tenon has said that if the deal is approved by shareholders the new company will change its name to RSM Tenon Group.
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