Worldâ??s Second-Largest Media Research Firm Created
June 4, 2008 at 6:57 AM (PT)
U.K.'s TAYLOR NELSON SOFRES and GERMANY's GFK have agreed the details of a merger of equals to create a £2bn behemoth that would be the second largest company in the sector, behind ACNIELSEN, reports THE INDEPENDENT.
The plans published by TNS and GFK YESTERDAY (6/3), propose 11.74 new TNS shares for each GFK share. If the merger gets the go-ahead, both companies' shareholders would own 50% of the business. The group's combined revenues are predicted to be £1.9bn, with savings estimated at £76m annually after three years and a one-off cost of £94m.
TNS CEO DAVID LOWDEN said, "Based on what was placed before us from WPP, it is quite evident that the combination of GFK and TNS is a far stronger option for our shareholders."