Market research group GfK 'may bid' for TNS

0 Comments | AFP, July, 2008

LONDON (AFP) — German market research group Gfk said Wednesday that it was mulling a takeover bid for British peer Taylor Nelson Sofres after the pair ended their plans to merge.

Gfk and TNS announced they were scrapping their planned tie-up, in a statement issued Wednesday a few hours after British advertising giant WPP launched a hostile takeover bid for TNS.

WPP had tabled an unsolicited bid that valued TNS at 1.082 billion pounds (1.358 billion euros, 2.130 billion dollars).

"The board of TNS has unanimously rejected the offer ... since the offer substantially undervalues TNS even on a standalone basis," TNS said in a statement.

In a separate statement, GfK said it is "actively pursuing a proposal which would involve an alternative all-cash...