WPP Takeover Of TNS Expected To Be Confirmed Today

WPP chief executive Sir Martin Sorrell expects WPP’s takeover of TNS to be confirmed today.

Speaking yesterday evening at a Royal Television Society event, Sorrell said that the deal could be completed today, five months after WPP first bid for the company.

Official statements have yet to be made by either WPP or the market research firm.

Following TNS’ rejection of the first bid in May, Sorrell said WPP was surprised and disappointed, and puzzled that attempts to engage with TNS management had been “hindered and resisted” (see TNS Rejects £948m WPP Bid)

The WPP bid came as German firm GfK was in talks with TNS about a “merger of equals”, however, these talks broke down with GfK unable to secure financial backing (see GfK No Longer Pursuing Offer For TNS)

WPP made a final offer of £1.1 billion for the market research firm in July, with TNS releasing a statement at the start of October recommending that shareholders accept it (see TNS Tells Shareholders To Accept WPP Offer).

It added that its board “continues to believe that the WPP offer undervalues TNS,” although it warned that “TNS shareholders who do not accept the WPP offer could as a result own a minority interest in an unlisted company.”

WPP: 020 7408 2204 www.wpp.com

TNS: www.tnsglobal.com