Response to announcement by WPP Group plc (“WPP”)
The Management Board of GfK notes the announcement released by WPP earlier this morning and confirms that it has consequently agreed to terminate the proposed merger with Taylor Nelson Sofres plc (“TNS”).GfK is actively pursuing a proposal which would involve an alternative all-cash offer being made for TNS with the involvement of an identified potential source of equity and equity related financing. While negotiations are at an early stage, GfK has received a strong indication of interest in this transaction. The form of consideration being considered is all cash, although the formal right to vary this is reserved.
As part of the arrangements terminating the proposed merger with TNS, certain revised break fee arrangements have been agreed between GfK and TNS.
Further announcements will be made as appropriate.
Enquiries:
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GfK Prof. Dr. Klaus Wübbenhorst, Chief Executive Bernhard Wolf, Global Head of Corporate Communications | Tel: +49 911 395 0 Tel: +49 911 395 2733 Tel: +49 911 395 2012 |
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Rothschild (Financial Adviser to GfK) Jonathan Paine, Frank Herzog, Jeremy Millard | Tel: +44 20 7280 5000 |
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Hering Schuppener Consulting (Public Relations Adviser to GfK) Alexander Geiser | Tel: +49 69 92 18740 |
This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Takeover Code and there can be no certainty that any offer will ultimately be made for TNS nor as to the terms and conditions on which any offer might be made.
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