WPP Group has released a statement announcing plans to extend the original Friday deadline for its £1.1 billion offer of TNS until 3pm this Wednesday, October 8.
WPP Group, led my Sir Martin Sorrell, announced that valid acceptances of the offer had now climbed to 60.86% of TNS shareholders last Friday, when the previous deadline expired.
Last week WPP warned the market research company that its offer, which valued TNS at £1.14 billion or 259.2p per share at the time, was final.
However, according to WPP’s statement, “the offer is being extended and will remain open for acceptance” until Wednesday.
The offer, which still stands at 173 pence in cash and 0.1889 of a WPP share for each TNS share, now values TNS at 260.7p per share based on the closing price of 464.5p per WPP share on Friday.
If Sorrell manages to win 75% of acceptances, he can delist TNS from the stock market.
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