TNS Tells Shareholders To Accept WPP Offer

Taylor Nelson Sofres (TNS) has released a statement recommending that shareholders accept WPP’s £1.1 billion takeover offer.

In a controversial twist, TNS said its board “continues to believe that the WPP offer undervalues TNS,” but warns that “TNS shareholders who do not accept the WPP offer could as a result own a minority interest in an unlisted company.”

The TNS board has consistently urged its shareholders to reject the offer by Sir Martin Sorrell’s group, after it was first announced in July.

However, following advice from Deutsche Bank, JPMorgan, Cazenove and Moelis & Company, TNS said its directors intend to accept the offer “in respect of their own beneficial holdings”.

TNS’ response comes after WPP announced that valid acceptances of the offer have now climbed to 60.86% of shareholders (see WPP Extends TNS Offer Deadline).

WPP has extended the deadline for its takeover bid to 3pm this Wednesday – if WPP wins 75% of acceptances by then, Sorrell can delist TNS from the stock market.

WPP: 020 7408 2204 www.wpp.com TNS: www.tnsglobal.com