New York (April 30, 2002) -- PricewaterhouseCoopers has reportedly joined the fray of firms vying for a piece of Andersen's tax practice.
PwC late last week submitted an offer to buy Andersen's tax business, The New York Times reported. Terms of the offer were not disclosed. Neither Andersen nor PricewaterhouseCoopers returned calls for comment on the mater.
Earlier this month, Andersen signed a nonbinding agreement with competitor Deloitte Touche Tohmatsu for the sale of part of its tax business. The planned sale of the tax unit is part of Andersen's move toward becoming an audit-only entity under a plan proposed by former Federal Reserve chairman Paul Volcker. San Francisco-based private equity firm Fox Paine & Co. pulled out of negotiations to buy Andersen’s entire tax advisory business earlier this month, reportedly because of the pending Deloitte deal.
Meanwhile, federal judge Melinda Harmon denied Andersen's request for a postponement of its May 6 trial on obstruction of justice charges. The firm was seeking a postponement because of concerns about finding impartial jurors.
-- Electronic Accountant Newswire staff
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