Baker Tilly UK holds back on RSM Tenon offer

Shares of RSM Tenon have temporarily been suspended by the UK Financial Conduct Authority after Baker Tilly UK said it won't be making an offer for the entire issued share capital of RSM Tenon.

The FCA said the shares were suspended on the request of RSM Tenon pending an announcement.

Baker Tilly UK said it decided to hold back on the offer due to a yet unfinished review process.

"Baker Tilly remains of the view that there is significant value in the RSM Tenon group and continues to be interested in an alternative potential transaction involving an acquisition of part or all of the business of the RSM Tenon group provided that such alternative potential transaction does not constitute an offer falling within the jurisdiction of the City Code," the firm said in a statement on the London Stock Exchange.