LONDON, Aug 22 (Reuters) - Accounting and business servicesprovider Baker Tilly UK Holdings Limited bought rival RSM TenonGroup PLC on Thursday after the latter was forced toappoint administrators.
After talks about Baker Tilly buying RSM Tenon Group sharescollapsed, lender Lloyds Banking Group said it wouldnot grant RSM a waiver on conditions for lending.
With no other financing sources available, RSM said it hadappointed administrators who agreed a sale of the group'strading entities.
RSM shareholders would not receive anything from the sale toBaker Tilly, and Lloyds would not recover its secured debt infull, it said.
RSM Tenon Group shares were suspended but RSM Tenon Ltd andthe group's other principal trading entities continue to operateas normal, it said, adding that no employees, clients orsuppliers, other than Lloyds, were expected to be materiallyaffected.