WPP Makes Formal TNS Offer, GfK Says Talks ‘Progressing Positively’

Market research firm Taylor Nelson Sofres goes in to the weekend with noe takeover offer on the table and another in the works. WPP has sent TNS its formal offer document and acceptance forms for a 264.2p-per-share offer that values TNS at £1.158 billion – a 55 percent premium from April 28, when TNS said it would merge with rival GfK. The deadline for acceptances is August 29 but, in its own statement to the City, GfK said it “is continuing to actively pursue an all-cash offer for TNS and discussions in relation to this possible offer are progressing positively”. In its own statement this afternoon, WPP said its trading over June and July remained in line with its target for the rest of the year.