WPP disappointed TNS rejected new offer
WPP said it is disappointed that market research group Taylor Nelson (TNS) has rejected the advertising giant's revised 164p per share offer.
"We are again disappointed that our latest attempt to engage with TNS management on a friendly basis in order to deliver an attractive proposal for TNS shareholders has met with continued resistance," said chief executive Martin Sorrell.
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"TNS's continuing refusal to share the same information which it has given to GfK as part of their 'nil premium merger' discussions prevents us from operating on a level playing field," he added.
TNS said yesterday that it still wants a merger with GfK, adding that it believes a combination with Germany's largest market research company would deliver significant value to shareholders.
