WPP frustrated in takeover battle

Advertising giant WPP has said it is "disappointed" that research firm Taylor Nelson Sofres (TNS) has rejected its improved bid approach.

TNS said on Tuesday it had rejected the £996m ($1.94bn) approach. It had previously snubbed an offer of £950m.

TNS reiterated that it believed its proposed merger with German firm GfK would be best for shareholders.

It also added that it was close to announcing the potential benefits of the planned tie-up with GfK.

Such a merger would create the world's second-largest market information firm. TNS employs 15,000 staff in 80 countries, while GfK Group has about 9,000 workers in 100 countries.

On Tuesday, TNS chairman Donald Brydon said the firm had "no hesitation" in rejecting WPP's new offer as it substantially undervalued the company.

But WPP chief executive Sir Martin Sorrell said he was disappointed that its approach to TNS had met "continued resistance".

"TNS's continuing refusal to share the same information which it has given to GfK as part of their 'nil premium merger' discussions prevents us from operating on a level playing field," he added.

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