NEW YORK (April 16, 2002) Big Five firm Ernst & Young has entered the bidding war for the tax practice of Andersen, joining Deloitte & Touche and leveraged buyout firm Fox Paine & Co. in vying for the unit, which generated about $1.3 billion in revenues last year.

According to CNN/Money, Ernst is interested in roughly 1,300 of Andersen’s tax staff, which includes about 300 partners.

Terms of E&Y’s offer were not disclosed. The offer from Fox Paine is believed to be in the $800 million to $900 million range.

  • Electronic Accountant Newswire staff

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access