Tenon plans to buy RSM Bentley for up to £76.3m

ACCOUNTANCY firm Tenon Group is planning to acquire RSM Bentley Jennison for up to £76.3m to boost its geographical reach.

The company said it would raise 40m by placing about 88.9 million shares at 45 pence apiece and issue up to 47.8 million shares to help fund the proposed acquisition.

Tenon said it expected synergies of at least 6.3m from the deal.

Both firms have offices in the region with Tenon based in Doncaster, Hull, Grimsby, Leeds and Wakefield and Bentley Jennison in Leeds and Harrogate.

The company said it might seek additional banking facilities from Lloyds TSB Bank to fund the acquisition, business integration and assist in further organic growth.

Tenon shares closed at 50.5 pence last night on the London Stock Exchange.