TNS rejects WPP's improved $2.14 bln approach

British market research company Taylor Nelson Sofres (TNS.L: Quote, Profile, Research, Stock Buzz) rejected an improved approach worth 1.08 billion pounds ($2.14 billion) from WPP (WPP.L: Quote, Profile, Research, Stock Buzz), saying it preferred its proposed merger with German peer GfK (GFKG.DE: Quote, Profile, Research, Stock Buzz).

WPP's latest proposal, worth 260 pence per TNS share, substantially undervalued the company, said TNS, which had previously opened its books to WPP after rejecting approaches at 230 pence and then 241.8 pence.