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NEW YORK WPP Group said it has extended the deadline for Taylor Nelson Sofres shareholders to accept the holding company’s $2 billion-plus offer to acquire the research firm. The new deadline is Sept. 12.
The original deadline expired earlier today, and shareholders representing less than 9 percent of the company’s stock had agreed to accept the offer, per WPP.
WPP said that the terms of the offer remain the same — a mix of cash and newly issued WPP stock valued at just under $5 per TNS share.
For weeks leading up to the original deadline, TNS shares were trading at a higher price than the WPP offer, largely in anticipation that rival market research firm GfK, based in Germany, would succeed in assembling financial backers to support a bid higher than the WPP offer.
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