WPP plays down credit rating fears
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Advertising giant WPP claimed today that any bid for market research firm Taylor Nelson Sofres will not harm its credit rating.
The UK blue chip was responding to yesterday's statement from Standard & Poor's suggesting that the acquisition of TNS could affect WPP's ratings.
"WPP wishes to confirm that any offer it may make for TNS would be structured in a manner that should not adversely affect its credit ratings," read a brief statement.
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TNS has turned down the firm's bid of 154p in cash and 0.1214 WPP shares, worth 230p per share.
The group, which is also in merger talks with GfK, Germany's largest market research company, unanimously rejected the WPP proposal as not in shareholders' best interests.
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