The Week: City news - TNS shares rise 12 per cent

Shares in the research company TNS rose 12 per cent after it rejected a £948 million offer from WPP.

The 230p-a-share offer was tabled four days after TNS and its rival company GfK said they were in discussions about a merger. After TNS rejected the offer in favour of continuing talks with GfK, the WPP chief executive, Sir Martin Sorrell, said: "While we continue to review our position, we encourage TNS shareholders to urge their board to engage with us rather than simply persisting on an exclusive basis with a 'nil-premium merger' arrangement with GfK."