FTSE 250 movers: WPP approach not welcomed by Taylor Nelson
Market research firm Taylor Nelson has rejected a rival bid from WPP of 154p in cash and 0.1214 WPP shares, worth 230p per share.
Taylor, which is also in merger talks with GfK, Germany's largest market research company, added its board unanimously rejected the WPP proposal as not in shareholders' best interests.
Taylor added that WPP had also suggested a reversal of Kantar, a division of WPP, into the company, which it also rejected as it would mean WPP acquiring control of the enlarged group without paying a premium for control.
WPP expressed disappointment at Taylor's rejection of its proposals.
"We are surprised and disappointed that the Board of TNS has rejected our offer
proposal within 24 hours of receipt. We are puzzled that our attempts to engage with TNS management on a friendly basis have been hindered and resisted," it said.
"While we continue to review our position, we encourage TNS shareholders to urge their board to engage with us rather than simply persisting on an exclusive basis with a 'nil premium merger' arrangement with GfK," it added.
Oil prices breaching $120 per barrel have encouraged oil stocks but not enough for Imperial Energy to overcome the handicap of going ex-rights today. The rise in the price of oil is bad news for airlines, however, and predictably Easyjet encounters selling pressure.
FTSE 250 - Risers
Taylor Nelson Sofres (TNS) 240.25p +11.74%
Wellstream Holdings (WSM) 1,372.00p +6.11%
Capital & Regional (CAL) 328.00p +5.89%
PartyGaming (PRTY) 26.75p +4.90%
Venture Production (VPC) 781.00p +4.62%
Hunting (HTG) 936.00p +4.17%
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BlueBay Asset Management (BBAY) 356.00p +4.09%
International Ferro Metals (IFL) 155.25p +3.85%
Fenner (FENR) 247.75p +3.23%
Euromoney Institutional Investor (ERM) 380.00p +3.12%
FTSE 250 - Fallers
Imperial Energy Corporation (IEC) 866.50p -22.77%
easyJet (EZJ) 296.50p -8.56%
Rightmove (RMV) 411.00p -6.59%
Galiform (GFRM) 77.50p -6.34%
PV Crystalox Solar (PVCS) 153.75p -5.82%
Findel (FDL) 278.50p -5.75%
CSR (CSR) 315.25p -4.76%
DSG International (DSGI) 66.00p -4.69%
BBA Aviation (BBA) 153.75p -4.50%
Marshalls (MSLH) 224.75p -4.26%
