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£1bn takeover offer for TNS
MEDIA and advertising giant WPP today unveiled a £1.08 billion takeover offer for market research firm TNS.
WPP boss Sir Martin Sorrell has put forward the 260.6p-a-share proposal directly to TNS shareholders after the target's board declined to enter into talks.
TNS is instead backing a 1.5bn merger with German rival GfK and said the proposal from WPP substantially undervalued the business.
WPP's decision to press ahead with an offer was announced just before a 7.30am "put up or shut up" deadline imposed by the Takeover Panel.
Sir Martin said: "Although our offer may be characterised by some as a hostile bid, we believe it is in no way hostile to TNS share owners nor to TNS's clients."
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