WPP’s proposed £1.1 billion takeover bid for market research company TNS has been conditionally cleared by the European Commission.
The EC previously said that a merger between WPP and TNS would raise competition issues about market influence in the European audience measurement market.
However, it concluded that the deal could go ahead providing certain conditions are met.
The conditions include WPP selling TNS’ market research business in Ireland and to either sell the Television Audience Measurement service businesses of TNS or step back from its own joint venture with AGB Nielsen.
However, it still remains unclear whether the deal will go through as the TNS board are urging shareholders to reject WPP’s offer.
TNS released a statement yesterday saying: “The Board of TNS continues to recommend that TNS shareholders reject the WPP Offer as it undervalues TNS.”
WPP made the £1.1 billion offer for TNS at the start of July (see WPP Extends TNS Offer Deadline).
Related Links
