LONDON (Reuters UK) - Market research firm Taylor Nelson Sofres (TNS) has no intention of opening its books to suitor WPP (WPP), a source familiar with the matter said.
Taylor Nelson is currently in talks over a nil-premium merger with Germany's GfK (GFKG) and has rejected two subsequent bids from Martin Sorrell's WPP as undervaluing the company.
WPP has said it is disappointed that TNS has not shown any willingness to provide the same information to WPP as it has given to GfK and has called on TNS shareholders to urge the market research firm to engage over the matter.
But a source familiar with the situation told Reuters that TNS had no intention of releasing information to the advertising giant as its market research unit Kantar was a competitor. It also sees the offer as too low.
Most shareholders have declined to comment on the matter, but analysts and one investor said it was hard to evaluate either proposal until more details, such as expected cost savings, were released regarding the TNS and GfK merger.
(Reporting by Kate Holton, editing by Will Waterman)
