TNS Rejects Second WPP Bid

TNS has rejected a second bid from WPP, which values 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 (see TNS Rejects £948m WPP Bid).

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 chief executive 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.”

WPP: 020 7408 2204 www.wpp.com TNS: www.tnsglobal.com