BDO Dunwoody LLP and Grant Thornton LLP announce plans to enter into merger discussions

    TORONTO, April 13 /CNW/ - Grant Thornton LLP and BDO Dunwoody LLP
announce today that their respective Boards have agreed to enter into merger
discussions. BDO Dunwoody LLP and Grant Thornton LLP are both national
accounting and advisory firms with offices across Canada.
    Preliminary discussions between Grant Thornton LLP ("Grant Thornton") and
BDO Dunwoody LLP ("BDO Dunwoody") have indicated potential opportunity for
both organizations including their respective clients, employees and partners.
Over the next several months, representatives from both organizations will
engage in a due diligence process to further assess the merits of a combined
organization. Raymond Chabot Grant Thornton ("RCGT"), the Quebec-based firm of
Grant Thornton in Canada, is also participating in these discussions in
connection with its joint presence with BDO Dunwoody in Montreal and the
Ottawa area.
    Both firms are highly successful today operating as independent entities.
Together with Raymond Chabot Grant Thornton, Grant Thornton in Canada has 370
partners and 2900 employees working in 99 offices across Canada, and is the
Canadian member of Grant Thornton International. BDO Dunwoody has over 315
partners and 1900 employees in 95 offices across Canada, and is the Canadian
member firm of the BDO International network.
    According to Alex MacBeath, CEO of Grant Thornton, "A merger would
represent a marriage of opportunity. A combined firm would reflect a merger of
two strong firms."
    Gilles Chaput, CEO of BDO Dunwoody, comments that, "A combined firm would
have enhanced strength, capacity, depth, and market credibility to compete in
marketplaces across Canada, while at the same time maintaining a strong
position in the local communities throughout Canada."
    By agreeing to this announcement, the parties have signaled their belief
that there is sufficient opportunity to warrant further discussions.

For further information:

For further information: Gilles Chaput, CEO, BDO Dunwoody LLP, (416)
369-3050, Media contact - Gordon Lee; Alex MacBeath, CEO, Grant Thornton LLP,
(416) 360-5001, Media contact - Donna Carmichael; For Quebec, Ottawa region
and Edmundston, Richard Payette, CEO, Raymond Chabot Grant Thornton, (514)
954-4640, Media contact - Silvia Preziosi

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