Mystery bidders enter the race for Tenon

Mystery bidders enter the race for Tenon

At least one rival bidder mounts challenge to Andy Raynor's Tenon buy-out plans

Raynor, Tenon

Andy Raynor is leading a management buy-out bid for Tenon

At least one outside bidder has joined the bidding race for Aim-listed
accounting firm Tenon.

Last month, the group announced that chief executive Andy Raynor was leading
a management buy-out bid for Tenon. After queries from Accountancy Age,
leading potential challengers to Raynor, including Vantis, BDO Stoy Hayward,
Grant Thornton and PKF all ruled themselves out of making a bid.

The announcement released today has thrown the race for Tenon wide open.

In a statement the group said: ‘The independent directors are pleased to
report that there has been considerable preliminary interest in the business,
including from the management team, as previously reported.’

The pronouncement went on to add that the independent directors, led by
chairman Neil Johnson were ‘exploring these approaches’ but added that there
could be ‘no guarantee that this process will lead to any offer being made for
the company’.

Tenon also took the opportunity to update the market on trading, and warned
that profits were expected to be ‘marginally below’ expectations.

‘As reported in the AGM statement on 22 November 2005, some areas of the
business have experienced a slower start to the year than expected and this will
be reflected in the interim results to 31 December 2005, to be reported in late
March 2006,’ the group said.

The profit warning appeared to have more effect on Tenon’s stock than the
news that more players had entered the bidding race. Tenon shares were trading
1.5p or 5.26% lower at 27p.

For more on Tenon visit
www.accountancyage.com/2149030

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