October 8, 2008 / 5:55 PM / 12 years ago

WPP declares victory in TNS bid battle

UK's Group Chief Executive of WPP Sir Martin Sorrell speaks during a news conference before the World Economic Forum on East Asia at a hotel in Tokyo June 15, 2006. REUTERS/Kiyoshi Ota

LONDON (Reuters) - Martin Sorrell’s WPP Group (WPP.L) declared victory in its acquisition of British market research firm Taylor Nelson Sofres TNS.L on Wednesday, securing support from 82 percent of the target’s investors.

The world’s second largest advertising and marketing group said in a statement on Wednesday it had now declared the offer unconditional and extended the offer period for further acceptances until October 22.

It will no longer offer the option to mix and match the share to cash ratio though.

TNS, which spent months urging its shareholders to reject the 1.1 billion pound ($1.93 billion) offer, finally urged its them to accept the deal earlier this week.

“We are delighted to be a step closer to welcoming such a fine company with strong people, clients and brands that will enhance our client offering,” Sorrell said in a statement.

Reporting by Kate Holton; Editing by Paul Bolding

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