German market research firm Gfk nows says there is no certainty that it will launch a bid to rival WPP Group for TNS. Yesterday, Gfk terminated its proposed nil-premium merger with TNS and said it was "actively pursuing a proposal" that would involve an alternative all-cash offer being made for the British firm.
Gfk said yesterday: "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."
It was reported this morning that Gfk might turn to wealthy German families for some of the £1.1bn cash needed to buy TNS and out bid Sir Martin Sorrell's WPP.
WPP had made a hostile takeover bid for TNS, putting in an offer of £1.08 billion for the market research company.
David Lowden, the TNS chief executive, told shareholders to reject the WPP bid and support the Gfk offer. Today Gfk clarified that position and said there was no certainty about its bid.
(Pictured: WPP's Sir Martin Sorrell)