The offer – code name Everest – was made in late July and was reportedly valued at around $10 billion.
The FT on Tuesday revealed the details of the approach, which offered to bring back the break-up plan, code-named Project Everest, in a revised form.
“We frequently receive inquiries from private equity firms and other investors expressing interest in parts of EY businesses. This was the case before Everest and will continue into the future,” partners were told.
EY is one of the Big Four accounting firms, along with Deloitte, KPMG, and PricewaterhouseCoopers.
The firm has been under pressure from investors to break up its audit and consulting businesses, as there is a perceived conflict of interest between the two.
TPG’s offer was seen as a way to address these concerns.
However, EY’s partners have rejected the offer, saying that they believe the firm is better off staying together.
In a statement, EY said that the offer “did not represent the fair value of the firm” and that it “would not be in the best interests of our stakeholders.”
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