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Sorrell Flees Red Tape; Nears Finishing Tape
WPP has announced that its bid for TNS had been accepted by around 43% of the latter's shareholders as of 2.30pm Monday - up from just 34% on Friday. The acquisitive ad group also says it will move its 'domicile' to Ireland due to the current 'complexity' of the UK tax system.
WPP says if it is successful in its bid, TNS will also be removed from the British tax base. TNS shareholders accepting the bid will get shares in the new WPP parent company, WPP Plc, which will have the same board and management team as WPP; will still report in British pounds; and will conduct its business otherwise unchanged, the firm said.
WPP Plc will maintain its primary listing on the London Stock Exchange, with its American Depositary Shares traded on NASDAQ.
The move is subject to approval by WPP share owners, probably in a meeting on 30th October.
TNS has repeatedly advised shareholders to reject the bid, which was formally mailed to them at the beginning of August. The current deadline for accceptance is this Friday.
Web sites: www.wpp.com and www.tnsglobal.com .
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