According to reports in The Wall Street Journal, shareholders hope to generate higher returns by forcing VNU to sell off the company in parts rather than to a seven-strong consortium including the Carlyle Group, Hellman & Friedman and Kohlberg Kravis Roberts & Co for €8.8bn (£6bn).
It is understood the Dutch-owned company could be split into three sectors -- marketing information, media measurement and magazine publishing -- if the shareholders' break-up proposal is accepted.
VNU would not comment on the latest reports but said the private equity takeover bid was subject to "negotiation and execution of a merger protocol" and warned that the discussions might not result in a transaction.
VNU's supervisory and executive boards said in a statement last week that a decision should be reached by the end of the month.
VNU's brands include research giant AC Nielsen and magazines including The Hollywood Reporter, Personal Computer World and Computer Active.
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