WPP Group is set to extend today’s deadline to TNS shareholders, extending its takeover approach for another two weeks.
Sir Martin Sorrell’s communications and advertising group is likely to extend its deadline until the end of September, following the European Commission’s decision to extend its investigation into the deal on 3 September, said
Media Week.
The new EC deadline for a decision on the case is 23 September.
WPP made a £1.1 billion offer for TNS at the start of July (see WPP Extends TNS Offer Deadline), although German market research firm GfK then revealed that it was attempting to secure financing for a deal from private equity group Apax.
However, GfK then pulled out of talks with TNS as it had been unable to raise funding (see GfK No Longer Pursuing Offer For TNS).
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