WPP's takeover offer for TNS declared ‘wholly unconditional'

UK-- WPP's £1bn buyout offer for global research agency TNS was declared “wholly unconditional” late this afternoon.

The marketing services group had been waiting on final anti-trust clearances in certain undisclosed countries before the deal could be considered unconditional in all respects.

Regulators in the US and Europe had already cleared the deal – albeit with a requirement from the European Commission that WPP sell-off TNS's Irish business, and either its European TV audience measurement (TAM) operations or WPP's share in rival TAM company AGB Nielsen.

The takeover offer was declared “unconditional as to acceptances” earlier this month with more than 75% of shares tendered. By today's offer deadline almost 96% of shareholders had accepted.

WPP said it will shortly mail compulsory acquisition notices to the remaining TNS investors, who will be forced to sell their shares under the ‘squeeze out' provision of the Companies Act.

It will also apply to de-list TNS's shares from the London Stock Exchange, and this is expected to take effect from 26 November.

Once the takeover is complete the combination of TNS and WPP's insight and information arm Kantar will create a new giant in the global market research industry – second only to Nielsen in terms of sales.

Author: Brian Tarran