Re: Taylor Nelson Sofres
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For Immediate Release |
9 June 2008 |
WPP GROUP PLC ("WPP")
Re: Taylor Nelson Sofres
This morning Taylor Nelson Sofres plc ("TNS") issued an announcement. This resulted in press comment that TNS is proposing to provide WPP Group plc ("WPP") with the information which it has disclosed to GfK AG ("GfK") in the context of its proposed merger with GfK.
This is not, in fact, the case. TNS has stated that it will be providing WPP with certain information that was provided to GfK-Nurnberg e.V. ("GfK Verein"), GfK's controlling shareholder. This is on the basis that GfK Verein is treated as a potential offeror for TNS because it could end up in control of TNS (for the purposes of the City Code on Takeovers and Mergers) following completion of its proposed merger with GfK.
TNS has not stated that it will provide WPP with the same information that it has provided to GfK. WPP understands this is on the basis that, notwithstanding it is expressly stated in the announcement by TNS on 3 June 2008 that GfK is free to work on a possible offer in respect of TNS and is entitled to use the information provided to it by TNS for this purpose, GfK is not in fact a potential offeror for TNS.
GfK and GfK Verein are chaired by the same person and GfK Verein will remain the dominant shareholder in the enlarged GfK-TNS group assuming the merger becomes effective. In addition, given that TNS shareholders and GfK shareholders will each hold approximately 50 per cent. of the share capital of TNS following completion of the proposed merger, and that WPP is a bona fide potential offeror for TNS, WPP continues to believe that it is in the interests of TNS shareholders for the TNS Board to accept that all the information already provided by TNS to GfK should be given equally and promptly to WPP.
Enquires:
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Buchanan Communications Richard Oldworth |
+44 (0)20 7466 5000 |
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Merrill Lynch International Richard Taylor Mark Astaire (Corporate Broking) |
+44 (0)20 7628 1000 |
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Perella Weinberg Philip Yates Graham Davidson |
+44 (0)20 7268 2800 |
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Goldman Sachs Simon Dingemans James Del Favero |
+44 (0)20 7774 1000 +1 212 902 1000 |
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