British market research company Taylor Nelson Sofres PLC stood defiant against a hostile takeover by WPP Group PLC on Wednesday after its preferred partner GfK AG abandoned its own potential takeover bid.
Germany's GfK said that it has given up the idea of making an offer for its British rival after concluding that it was unable to make a "sufficiently compelling" bid.
GfK was mulling an all-cash offer for Taylor Nelson after WPP, the world's second largest advertising company, last month took a 1.08 billion pound (nearly US$2 billion) hostile bid for the company direct to shareholders.
WPP's move then prompted GfK to call off a …
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