WPP extends £1.9bn offer to buy TNS

by Tristan O'Carroll, Media Week 23-Oct-08, 10:40

LONDON - WPP Group has extended its $1.9bn offer to buy market research outfit TNS until 29 October.

Although the deal is all but complete, with shareholders accounting for almost 92% of TNS stock having accepted the offer as of 3pm yesterday, WPP is offering more TNS shareholders the chance to accept its terms.

WPP also announced that it would move to delist TNS shares from trading shortly on the London Stock Exchange after its offer closes next week.

Earlier this month, WPP secured enough acceptances from TNS shareholders to make its takeover offer for the market research company unconditional. That threshold was crossed when the TNS board caved into WPP's pressure and recommended the offer to its shareholders.

This is above the 75% level at which WPP decided its offer would become unconditional to further acceptances

Once the deal goes through, WPP will integrate TNS into its Kantar Group market research division.