The Week: City News - TNS chiefs accept WPP bid

TNS has advised its shareholders to accept WPP's £1.1 billion takeover bid, despite its belief that the offer undervalues the company.

In an announcement, the board said it recommends shareholders accept the WPP offer, as the directors intend to do so. If WPP wins 75 per cent of acceptances it can delist TNS from the stock market, which means shareholders who do not accept the offer could end up owning shares in an unlisted company.