WPP, in a move to escape an impending British law that would jack up the taxes paid by corporations, is moving its headquarters to Ireland. For real this time, though this move has long been threatended . WPP would be following in the foot steps of other companies across different industries. Marty Sorrell is worried that WPP’s tax bill, which came to 204.3m pounds in 2007 would see a jump of tens of millions of dollars.
Meanwhile, WPP’s takeover bid for market research firm, Taylor Nelson Sofres, is in a bit of a state. While Sorrell received conditional approval from the European Commission, which hinges on a promise that the Television Audience Measurement section of the business is sold off. Meanwhile, TNS has continually fought back. They are rejecting the bid, while urging stockholders to do the same after WPP refused to offer a higher figure for shares. Still, 33% of share holders are down for the deal.
Marty is pulling out his version of Gordan Gekko. Let’s see how many other stock holders jump ship.
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