Following WPP's announcement on Friday that around 61% of TNS shareholders had accepted its bid, the TNS Board has recommended that shareholders accept, to avoid the risk of being left with a minority interest in an unlisted company.
The Board says it still believes the WPP offer undervalues the company. However, WPP has reduced the acceptance condition to 75% of shareholders and has declared its intention to delist TNS once the offer is unconditional. As a result, the TNS Board said it 'now recommends that shareholders accept the WPP offer, as the directors intend to do in respect of their own beneficial holdings'.
The latest deadline for acceptance - now likely to be the last - is this Wednesday, October 8th. Web sites: www.tnsglobal.com and www.wpp.com .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.