M arket research firm GfK scraps plans for TNS takeover

0 Comments | AFP, August, 2008

LONDON (AFP) — German market research firm GfK said Wednesday that it has ditched plans for a takeover of British peer Taylor Nelson Sofres, which faces a hostile bid from global advertising giant WPP.

"The management board of GfK announces that it has terminated all discussions in relation to financing for a possible offer and that GfK will therefore not be pursuing an offer for TNS," GfK said in a statement.

"The board, after careful consideration, has concluded that the terms of the financing available did not enable a sufficiently compelling alternative cash offer to be made for TNS that was also economically in the best interests of the GfK shareholders."

TNS, noting the news in a separate statement, added that it would continue to reject a hostile...