The European Commission said that a merger of WPP, led by Sir Martin Sorrell, and TNS, raises competition concerns about market influence in the European audience measurement market. However, it cleared the planned deal subject to certain conditions being met.
Specifically, WPP must sell TNS' market research business in Ireland and to either sell its own stake in its television audience measurement joint venture with AGB Nielsen or the Television Audience Measurement services businesses of TNS.
The TNS board remains opposed to the deal, releasing a statement yesterday which said: "The Board of TNS continues to recommend that TNS shareholders reject the WPP Offer as it undervalues TNS.
"Consequently, the Board recommends that TNS shareholders take no action in response to the WPP offer and, in particular, that they do not complete any form of acceptance that they have received with WPP's offer document."
United Kingdom
WPP gets EC approval for TNS takeover
LONDON - The European Commission has conditionally cleared WPP's proposed £1.1bn acquisition of TNS, the market research outfit, although it remains unclear whether the deal will go through, with TNS still urging shareholders to reject the deal.
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