WPP, which is led and founded by Martin Sorrell, said Thursday that it had submitted a revised €1.08 billion ($2.15 billion) cash-and-share offer for Taylor Nelson the day before. The offer is for 173 pence in cash and 0.1889 of a WPP share. Based on Wednesday's closing prices, it equates to a price per Taylor Nelson share of 260 pence, a 16% premium.
The announcement follows a Takeover Panel request Wednesday for WPP to make an offer for Taylor Nelson or retreat by July 9. WPP has been stalking the company ever since it announced its intention to merge with GfK in April. It has made two previous unsuccessful takeover proposals, with the most recent in mid-May and worth €997 million. - Laura Board
