WPP has extended the deadline for its takeover offer of TNS by to weeks to 3pm on September 12.
The move comes after just 8.6% of TNS shareholders decided to accept the group’s £1.1 billion offer before last Friday’s deadline.
TNS has put out a statement today noting the “low level” of acceptances of the WPP offer, adding that it continues to recommend that its shareholders reject the bid.
WPP made a £1.1 billion offer for TNS at the start of July (see WPP Makes Hostile Takeover Bid For TNS), although German market research firm GfK then revealed that it was attempting to secure financing for a deal from private equity group Apax.
However, last Wednesday, GfK announced that it was pulling 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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