Taylor Nelson tells backers to rebuff WPP

Market research group Taylor Nelson Sofres today repeated its advice to shareholders that they should reject the £1.2 billion hostile takeover bid from Sir Martin Sorrell's advertising and media giant WPP.

TNS, whose friendly merger with German rival GfK fell apart last week, described the 8.6% take-up of WPP's bid as a "low level of acceptances". But WPP extended its offer on Friday until
12 September.

WPP is offering 173p in cash and 0.1889 of its own shares for every TNS share.

At WPP's current price of 5371/2p, the offer is worth 2741/2p, which is just 1/2p above TNS's share price.