TNS has rejected a third bid from WPP Group valuing the market research company at almost £1.1 billion.
The bid was made yesterday, the same day that the Takeover Panel gave the company a July 9 deadline to make a firm offer for TNS.
TNS, which has already agreed a nil-premium merger with GfK, said that the offers they have received from Sir Martin Sorrell’s WPP have “substantially undervalued the company”.
In a statement, Donald Brydon, TNS chairman, said: “The board of TNS has been extraordinarily patient with Sir Martin Sorrell. We have now received three proposals from WPP, each of which substantially undervalues the company”.
However, WPP said that it has been denied access to information TNS has given to GfK which meant that it “has not been able to operate on equal terms to the potential detriment of TNS share owners”.
TNS have denied this though, with Brydon saying: “WPP have received materially the same information as has been provided to GfK. WPP have got all the information they need and have had all the time they need.
“It is clear that WPP are determined to try and frustrate the GfK-TNS merger for the benefit of WPP’s underperforming Kantar division. It is time for Sir Martin Sorrell and WPP to stop interfering and make their intentions clear.”
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