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Taylor Nelson rejects WPP's latest approach



By JANE WARDELL, AP
03 July 2008 @ 12:28 pm EST

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WPPGY 25.57 1.26

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Taylor Nelson agreed in early June to combine with GfK to form the world's second biggest market research company behind AC Nielsen Corp.

Taylor Nelson and GfK plan to carry out the merger by exchanging 11.74 new Taylor Nelson shares for each GfK share.

Taylor Nelson shareholders and GfK shareholders will each hold approximately 50 percent of the share capital of the combined GfK-TNS following completion of the merger, currently expected to be during the last quarter of 2008.

Taylor Nelson on Thursday again recommended that shareholders vote in favor of the merger at a meeting scheduled for July 18.

Taylor Nelson's shares rose 8 percent to 243 pence ($4.84) in London. WPP shares rose less than 1 percent to 464 pence ($9.25).

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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