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U.K.-based market research company TNS rejected a $1.9 billion acquisition offer from ad agency holding company WPP Group saying it was not in the best interests of shareholders, according to a statement issued by TNS on Sunday.
TNS competes with the Nielsen Co., parent of Adweek.
TNS chairman Donald Brydon said in a statement: “The board has no hesitation in rejecting this opportunistic proposal as it substantially undervalues the company even on a standalone basis.”
TNS confirmed that it received an unsolicited proposal from WPP on May 3, outlining what it termed a “possible pre-conditional offer” based on a combination of cash and WPP shares.
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