RESEARCHER REJECTS WPPWednesday May 7,2008 Peter CunliffeSHARES in market researcher Taylor Nelson Sofres (TNS) jumped nearly 12 per cent yesterday after it rebuffed an approach from the advertising giant WPP. Over the weekend TNS rejected a proposed cash-and-shares bid from WPP worth 230p per share, just days after announcing talks on a £1.4billion merger with German rival GfK.
TNS shares rose 25dp to 240dp, valuing the group at £989million. WPP chief Sir Martin Sorrell said he was disappointed the board of TNS had rejected the offer proposal within 24 hours of receipt. “We are puzzled that our attempts to engage with TNS management on a friendly basis have been hindered and resisted.” Sorrell urged TNS shareholders to put pressure on the board to talk. TNS said WPP’s proposal was unanimously rejected by the board because it was “not in shareholders’ interests”. Sorrell’s pay and bonus was £3.5million last year, according to WPP’s annual report. He was also awarded £18million ***BACK TO CITY & BUSINESS FOR MORE TOP STORIES*** |
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| Thursday 8th January 2009 |  |
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