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NEW YORK The U.K.’s Takeover Panel ruled today that London-based agency holding company WPP Group has until July 9 to make a firm offer for market research group Taylor Nelson Sofres (TNS) or announce that no offer is forthcoming.
The ruling came almost two months after WPP made two offers for TNS, both combinations of cash and stock, after TNS and German research firm GfK announced plans to merge. Both the WPP bids were rejected as too low by TNS management.
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