US firm McGladrey & Pullen has written a
letter of intent to acquire RSM McGladrey, including its employees,
assets and infrastructure. The final closing date of the
transaction is anticipated in the third quarter of this year.

Since 1999, McGladrey & Pullen and RSM
McGladrey have operated under an alternative practice structure
under which McGladrey & Pullen provided public accounting
services, and RSM McGladrey provided non-public accounting

McGladrey & Pullen board of directors
chairman Jerry Bourassa said the acquisition would allow assurance,
tax and consulting practices to be reunited under an integrated
McGladrey & Pullen partnership structure.

According to McGladrey, the two companies
would be the fifth largest US provider of assurance, tax and
consulting services with 7,000 employees in more than 80

The acquisition would end 12 years of H&R
Block ownership of RSM McGladrey.

“This is all about what we believe to be in
the best interests of our clients, our employees and our partners.
We see great opportunities for success and growth for McGladrey
& Pullen as a firm reunited in a traditional partnership
structure. Our relationship with H&R Block has served us very
well but we both agree that it is time to move on,” McGladrey &
Pullen managing partner Joe Adams said.

Both RSM McGladrey and McGladrey & Pullen
are US member firms of RSM International.