Baker Tilly, which indicated last week it is considering making a bid for RSM Tenon, has confirmed that if it does decide to go ahead, any offer would be solely in cash.

Last Thursday, 25 July 2013, Baker Tilly said it was reviewing the potential opportunity of making an offer for RSM Tenon. In its statement to the market, RSM Tenon said any bid, if made, would be likely to be 'significantly below' the current share price, which fell 34% to close at 2.25p following the announcements. It would also need the approval of Lloyds Banking Group, the firm's sole lender, because of RSM Tenon's high debt levels.

Baker Tilly said in its statement release today: 'As previously stated, there can be no certainty that an offer will be made for RSM Tenon nor as to the terms on which any offer may be made.'

The firm's share price dropped further to 1.95p this week, after falling 30% last week to 2.25p following news of the Baker Tilly bid.