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TNS Hands Further Data to WPP
TNS Chief David Lowden has today met with WPP's Sir Martin Sorrell to present him with the data his firm has already disclosed to GfK as part of the nil premium merger announced in April.
This new information may help Sorrell decide whether to make a third bid for TNS in an attempt to overturn the proposed merger with GfK. TNS rejected both previous bids as 'not in shareholders' best interests'.
TNS has so far been reluctant to open its books and risk revealing sensitive competitor information such as details of margins, clients and contracts. However, to comply with rule 20.2 of the Takeover Code, TNS managers were today forced to present the same data to Sorrell as they did to GfK's largest shareholder, GfK Verein.
Sorrell disputes the viability of the three-year targets of 15% margins and annual cost savings of £76m which GfK and TNS outlined in their merger document. It is thought that today's meeting will have given him the opportunity to find out more about the numbers behind these propositions.
A spokesman for TNS said last night: 'TNS and its advisers will act in the interests of its shareholders at all times and that is what they will be doing tomorrow.'
Last week, Sorrell said that he was still weighing up his options.
Web sites: www.tnsglobal.com , www.wpp.com and www.gfk.com .
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