Sir Martin Sorrell really wants to add Taylor Nelson Sofres to his WPP Group, but TNS is having none of it. TNS on Thursday (4/3) rejected yet another bid by WPP to buy the company, this time for around $2.1 billion. In rejecting the latest offer, the TNS board said in a statement that it was “an attempt by WPP purely to frustrate the merger of GfK and TNS” and that the bid by Sorrell “substantially undervalues” TNS.
The offer, however, was about 16% above the market price for TNS stock. TNS had cut its deal to merge with GfK shortly after rejecting the first of what are now four offers from WPP.