Good news for those who believe in competition in professional services

Released this afternoon:

BDO DUNWOODY LLP AND GRANT THORNTON LLP ANNOUNCE PLANS TO END MERGER DISCUSSIONS

Toronto, Canada: BDO Dunwoody LLP and Grant Thornton LLP announce today that their respective Boards have agreed to discontinue merger discussions. BDO Dunwoody LLP and Grant Thornton LLP are both national accounting and advisory firms with offices across Canada.
No specific reason led to the decision to cease discussions; however, both firms recognized that despite the potential of the union, a merger of this nature also presented significant challenges. The due diligence process had proceeded amicably and with the cooperation of both firms, but despite best efforts the two firms were unable to overcome the challenges, and therefore were unable to complete the process to the satisfaction of all involved.

For further information please contact:
Gilles Chaput, CEO, BDO Dunwoody LLP (416) 369-3050
Media contact - Gordon Lee

I talked to a partner at one of these firms this morning, who told me to watch for an announcement this afternoon. She didn't sound too disappointed.