Despite increasing its bid to $1.938 billion (£996 million) from $1.844 billion (£948 million), WPP Group has been rejected a second time by audience measurement firm Taylor Nelson Sofres, The Guardian reported. Although inching closer to the £1 billion mark, Donald Brydon, TNS’ chairman, said that the board did not hesitate to reject WPP’s revised offer, saying it still “substantially undervalues the company even on a standalone basis.”

WPP made its first overture to TNS earlier this month, after it announced a “nil-premium” merger with German peer GfK. Analysts believe WPP’s Sir Martin Sorrell acted to prevent the combination and the addition of other shareholders could block him from taking at least a controlling stake in the UK audience measurement company. Meanwhile, TNS plans to go ahead with the matchup, arguing that the addition of GfK would add significant value to TNS shareholders. 

• Despite Being Rebuffed By TNS, WPP Continues To Hold On; Higher Offer Expected
• Audience Measurement Firm TNS Rejects WPP’s $1.9 Billion Offer