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WPP wins backing from TNS investors
Independent, The (London), Oct 4, 2008
Business in brief
ADVERTISING WPP, the advertising giant, announced yesterday that it has secured a little over 60 per cent of shareholder acceptances in its 1.1bn hostile takeover of rival Taylor Nelson Sofres.
The company also extended the acceptance offer until Wednesday, despite Friday's "take it or leave it" deadline WPP set for shareholders the previous day.
The strong talk was designed to break the resistance of some shareholders holding out against the deal. A day later the acceptance level was up from 43 per cent.
Shareholders who had been among those holding out against the bid included Cedar Rock Capital, TNS's largest investor with 9.4 per cent.
TNS was initially approached by the German group GfK, before WPP waded in with a counter offer. Gfk pulled out of talks when it hit funding problems with private equity backer Apax Partners.
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