WPP's Possible Offer for TNS
REVISED WPP PROPOSAL
On 2 July 2008 WPP submitted a revised proposal to the Board of TNS consisting of 173 pence in cash and 0.1889 of a WPP share for each TNS share (the "Revised WPP Proposal").*
WPP believes the Revised WPP Proposal is highly attractive for TNS share owners. Based on a closing price of 460.5 pence per WPP share on 2 July 2008, the Revised WPP Proposal values each TNS share at 260 pence and the entire issued share capital of TNS at approximately £1,078 million. This represents a premium of:
- 52 per cent. over the closing price of 171 pence per TNS share on 28 April 2008, being the day prior to the announcement by TNS of a potential merger with GfK AG ("GfK");
- 21 per cent. over the closing price of 215 pence per TNS share on 2 May 2008, being the last business day prior to the announcement by TNS that it had received a proposal from WPP; and
- 16 per cent. over the closing price of 225 pence per TNS share on 2 July 2008, being the last business day prior to this announcement.
* Please refer to the Important Notice at the end of this announcement