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."
The full article contains 129 words and appears in Edinburgh Evening News newspaper.
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Last Updated:
09 July 2008 10:05 AM
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Source:
Edinburgh Evening News
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Location:
Edinburgh
