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TNS 'Withholding Info' Says WPP
WPP has refuted TNS's claim to have provided it with the same information given to GfK as part of the recent merger agreement. Sir Martin Sorrell's firm says it has only been given access to a subset of the information provided to GfK Verein, GfK's controlling shareholder.
GfK's Verein would be the biggest shareholder in a merged GfK-TNS, with a holding of 28.7%. TNS said yesterday that it would be supplying financial information to WPP.
In its statement today, WPP added that TNS would be providing the information 'on the basis that GfK Verein is treated as a potential offeror for TNS, because it could end up in control of TNS (for the purposes of the City Code on Takeovers and Mergers) following completion of its proposed merger with GfK'.
WPP says that GfK is not a potential 'offeror' for TNS, and that given the fact that WPP is a 'bona fide potential offeror', it is in the interests of TNS shareholders for the TNS Board to give WPP access to all the information already provided by TNS to GfK.
However, TNS has responded by saying that it is not obliged to provide any additional information as WPP had not yet provided a credible offer.
Last month, Sorrell said he was surprised and disappointed by TNS' rejection of his £1bn offer to purchase the firm. He has now made two formal bids for the company, and is expected to make a third shortly.
Web sites: www.gfk.com , www.wpp.com and www.tnsglobal.com .
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