LONDON: Following Monday's statement by the board of Taylor Nelson Sofres noting the "low level" of acceptances received by WPP Group, the latter's ceo Sir Martin Sorrell has extended his firm's offer for TNS.
WPP's original £1.1bn ($2.0bn; €1.36bn) takeover offer, which expired Friday, was extended for a further two weeks in the face of an almighty yawn by TNS investors.
TNS stockholders and the moneymen at large are hoping for a sweetened offer from WPP, whose bid price is based on WPP's August 29 closing share price of £5.375. This values each TNS share at £2.745 – hanging a price tag of £1.203 billion for the London-headquartered researcher.
As at 07.42am Tuesday morning TNS shares stood at £2.7375, suggesting that its shareholders remain unenthused by Sir Martin's lack of generosity.
Data sourced from multiple origins; additional content by WARC staff