WPP Group CEO Sir Martin Sorrell’s persistence could finally pay off this week. After months of having its offers rejected again and again by audience monitor TNS Media Intelligence, the ad giant could finally prevail in its bid to take over the company, Ad Age reports. TNS executives have continued to urge shareholders to reject WPP’s 264.2 pence-per-share offer — which values the media researcher at £1.158 billion. The company says WPP’s offer undervalues it.
However, given the calamity in the financial markets, it appears that some shareholders feel that view might not be as true these days. WPP says it has managed to sway the company’s investors to its side, claiming the support of 42.7 percent of TNS shareholders as of Monday. Although the deal requires that 90 percent of TNS shareholders must agree to WPP’s bid, WPP reserves the right to lower that threshold. In theory, at least, that WPP convinces 50 percent of TNS’ shareholders to drop their opposition, the takeover could go through.