Pennie & Edmonds makes fresh bid for Jones Day merger

New York’s Pennie & Edmonds has returned to its original suitor Jones Day in its third attempt to secure a merger.

It is understood that Jones Day has extended a formal agreement to Pennie partners though, at this stage, it is not known what percentage of the firm’s equity will plump for the move.

Pennie, which specialises in intellectual property, was originally in merger talks with Jones Day last year however it pulled out of discussions in April, just before the deal was to be finalised.

The New York practice then set about joining up with the West Coast’s Cooley Godward but this deal floundered due to the opposition of a powerful group of partners at Pennie and a disparity between the two firms’ accounting systems.