Strong TNS stays defiant on WPP bid as Germans pull out

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The departure leaves only one bid on the table - the £1.1 billion hostile offer from Sir Martin Sorrell's WPP. But TNS chief David Lowden says his position has not changed and he is still strongly opposed to the WPP approach.

Unveiling a strong first half, Lowden said the results underlined the inadequacy of WPP's bid. "Clearly our underlying assets and the strength of our business is undervalued by Sorrell's bid," he said.

With growth at ad agencies slowing, Sorrell is keen to sell more services that help clients measure the effectiveness of their ads.

"There is also the strategic value of the business which is in a place where Sorrell is looking to move the business. He has clearly undervalued the quality of our business and its assets and future prospects," Lowden said.

Rival GfK, with which TNS had agreed a friendly merger, gave up the battle for TNS after failing to find funding in the current climate.

The original merger agreement was derailed by several bids by WPP.

A combination of TNS and WPP's Kantar would create the world's second-biggest market research company. Lowden says that TNS shares a number of top clients.

"It suggests that they have not had the success in selling a total package of services," he says. "Clients do tend to choose the best in class."

TNS saw revenue grow 16.7% £580.4 million in the first half compared with last year and forecast that full-year results would see growth of 6%. The firm's net profit was down from £23.3 million to £21.1 million for the half.

Attention will now turn to WPP. The exit of GfK will be a relief to some investors who feared Sorrell would get into a bidding war with GfK and end up paying too much.