WPP posts TNS offer documents

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WPP sent out its formal offer document to TNS shareholders last night, despite the cash and share offer - worth 263p at yesterday's prices - being rejected by the market research group's board last month. TNS shareholders have until 29 August to respond.

GfK, whose plans for a nil-premium merger with TNS were scuppered by the WPP approach, responded yesterday with a statement confirming that it is still “actively pursuing” an all-cash offer for TNS and urging the company's shareholders to “take no action” - although it made no assurances that an offer will be made.