End of the GfK-TNS affair
TNS snubbed two unsolicited offers from WPP early this year and was close to finalising a nil-premium merger with GfK when WPP's Sir Martin Sorrell challenged it and launched a formal bid in July. This led to the resumption of protracted talks between TNS and the two suitors.
Gfk decided to end the pursuit yesterday, and terminated all discussions in relation to financing for a possible offer and that GfK will therefore not be pursuing an offer for TNS, pulling out of the buying game.
Presenting a stellar report card for first half year profits, TNS's said its adjusted net profit for the period went up by 20% from the same period last year, so the board reiterated its stance. "Our results this morning are terrific and they only underscore why there is much more value in this business than that represented by the offer from WPP, the board is completely clear that our advice to shareholders is not to accept, and to insist that anybody who wants to buy the company recognises its value."
The final acceptance date for WPP's offer is this Friday.
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