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
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