The advertising and marketing services group built and led by Martin Sorrell bid 260.6 pence in cash and shares for Taylor Nelson, restating
an offer that the London target had rejected July 3. Taylor Nelson reiterated that the WPP offer is too low and urged shareholders to take no action. GfK, meanwhile, confirmed it was in the early stages of preparing a bid.
Taylor Nelson and GfK had announced plans for
a nil-premium merger in April, and London-based WPP has been
stalking Taylor Nelson ever since. Wednesday's offer -- which comprises 173 pence cash and 0.1889 of a new WPP share per Taylor Nelson share -- is the third in a string of proposals.
A merger of Taylor Nelson with either GfK or WPP would create the world's No. 2 market research group after Nielson Co. BV.
WPP made its offer minutes ahead of a 7.30 a.m. Takeover Panel deadline. Taylor Nelson scrapped a July 18 shareholder
meeting for investors to consider the previously agreed merger with GfK
and said the two sides, in agreeing to pull their merger pact, had
waived any breakup fees. -
Laura BoardSee full story on
TheDeal.com
