Taylor Nelson Sofres plc CEO David Lowden's hopes of avoiding an unwelcome embrace from WPP Group plc's Martin Sorrell
faded Wednesday when erstwhile fiancé GfK AG abandoned an attempt to put together a counterproposal. GfK had been talking with possible backers for an offer since July after abandoning a nil-premium merger with Taylor Nelson following the launch of Sorrell's hostile bid.
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That bid was worth £1.1 billion ($2 billion) based on WPP's Tuesday
closing share price, or 268.7 pence per Taylor Nelson share. In
reiterating his rejection of the offer Wednesday, Lowden told
journalists that Ebitda multiples of comparable recent deals suggest
that the London market research group would be worth 325 pence-plus.
But Taylor Nelson's share price Wednesday suggested Sorrell may have
his way with the group, building on a string of hostile takeovers
dating from his assault on New York's J. Walther Thomson Group in
1987. Taylor Nelson's stock by midafternoon was down 4.25 pence, or
1.6%, at 264.50 pence. -
Laura Board
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