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By Jamil Hussein

Date: Tuesday 13 May 2008

LONDON (ShareCast) - Market research group Taylor Nelson (TNS) said it has rejected an unsolicited proposal from advertising giant WPP because it undervalued the company.

The group said it still wants a merger with GfK, Germany’s largest market research company.

TNS said the WPP proposal outlined a possible pre-conditional offer of 164p in cash and 0.1214 WPP shares for each TNS share. Based on the closing price of WPP on 12 May 2008, the revised proposal values each TNS share at 241.5p each, it added.

"The board met today and had no hesitation in rejecting this revised proposal which substantially undervalues the company even on a standalone basis,” said chairman Donald Brydon.

As previously announced, TNS said it believes a combination with GfK would deliver significant value to shareholders.

“Significant progress has been made on the work to confirm the quantum of the merger benefits and it is expected that a further announcement on these benefits and the key merger terms will be made shortly,” it added.

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