TNS has rejected a second bid from WPP, which valued the group at just under £1 billion.
The TNS board said that it unanimously rejected the improved offer as it substantially undervalued the company.
WPP approached TNS with a revised cash and stock bid worth 241.5p per share.
At around £996 million, the offer marked a 5% premium on WPP’s first bid of £948 million, made earlier this month.
Donald Brydon, TNS chairman, said: “The board met and had no hesitation in rejecting this revised proposal which substantially undervalues the company, even on a standalone basis [without a merger with Gfk].”
WPP CEO Sir Martin Sorrell said: “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.”
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