The board of Taylor Nelson Sofres (TNS) has recommended that shareholders accept WPP’s £1.1 billion takeover offer but has restated its belief that the bid undervalues the company.

In a statement, the market research company says: “The board continues to believe that the WPP Offer undervalues TNS. However, the Board recognises that given that WPP has reduced the acceptance condition to 75 per cent of the TNS ordinary shares to which the WPP offer relates and stated its intention to de-list TNS when it has declared the offer unconditional, there is a risk that TNS shareholders who do not accept the WPP Offer could as a result own a minority interest in an unlisted company. 

“Therefore, the Board, which has been so advised by Deutsche Bank, JPMorgan Cazenove and Moelis & Company, now recommends that shareholders accept the WPP Offer, as the directors intend to do in respect of their own beneficial holdings.”