WPP Passes 'Squeeze-Out' Target, Nears TNS Finale

Marketing communications group WPP has now received acceptance from shareholders representing 91.72% of TNS, for its offer to buy the UK market research agency.

This has increased by a tithe in two weeks - on October 8th when victory was sounded, the bid had 81.78% shareholder approval.

Having received acceptances in excess of 90% of shares / voting rights, WPP has announced its intention to compulsorarily acquire any remaining TNS shares for the same terms as the original offer.

In a statement, WPP said that once its offer has been declared unconditional and it has met any requirements of the UK Listing Authority, it will ensure TNS makes an application to cancel trading its shares on the London Stock Exchange, and cancel the admission of TNS shares on the official list.

WPP stressed that de-listing would significantly reduce the marketability of any of the remaining TNS shares and that the value of these shares may be affected as a consequence. In response, the TNS Board has urged its remaining share owners to accept the offer without delay, as its own directors are doing in respect of their own holdings.

WPP's offer remains subject to the terms and conditions set out in the offer document, except for its proposal to introduce a new parent company. The Offer will remain open for acceptance until 3pm on 29 October 2008, and a further announcement relating to the fulfilment of the remaining conditions of the offer will be made no later than this date.

Web sites: www.wpp.com and www.tnsglobal.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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