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Wednesday, 4th November 2009 Change Date Latest Issue

£1bn takeover offer for TNS

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Published Date: 09 July 2008
MEDIA and advertising giant WPP today unveiled a £1.08 billion takeover offer for market research firm TNS.
WPP boss Sir Martin Sorrell has put forward the 260.6p-a-share proposal directly to TNS shareholders after the target's board declined to enter into talks.

TNS is instead backing a £1.5bn merger with German rival GfK and said the proposal from WPP substantially undervalued the business.

WPP's decision to press ahead with an offer was announced just before a 7.30am "put up or shut up" deadline imposed by the Takeover Panel.

Sir Martin said: "Although our offer may be characterised by some as a hostile bid, we believe it is in no way hostile to TNS share owners nor to TNS's clients."





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  • Last Updated: 09 July 2008 10:05 AM
  • Source: Edinburgh Evening News
  • Location: Edinburgh
 
 

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