In a statement this morning (Wednesday), TNS said GfK is no longer pursuing an offer for TNS. TNS and GfK initially mooted a nil-premium deal for the merger of the two market researchers.
GfK then tried to secure funding to buy TNS and held talks with investors, including the German Herz family and private equity firm Apax Partners.
Earlier this month, Sir Martin Sorrell, WPP chief executive, criticised GfK for "misleading the market", saying: "It is time to put up or shut up".
TNS said the WPP offer ignores how well the company is performing and its board's confidence in the outlook for the next year.
Today's statement was made as TNS reported results for the first six months to June with revenue up 16.7% to £580.4m.
_1.jpg)
.jpg)
