Why doesn’t Taylor Nelson Sofres (TNS) just make a bid for GfK, if the two so desperately want to join forces and avoid TNS being acquired by Sir Martin Sorrell’s WPP? There’s one main factor and, believe it or not, it does not include the words ‘credit crunch’. TNS will have difficulty making a bid for GfK as long as GfK Verein remains its majority shareholder.

It was the Verein that ultimately stopped the acquisition of TNS from going ahead. It's believed that Verein, as majority shareholder, did not agree with the financial and governance terms set by Apax Partners, GfK’s potential financial backer. The two would have just about pulled off a nil premium merger, but the intervention of a private equity house and the lack of control it would bring was too much for Verein to swallow.

While TNS has said that it is under no pressure to do a deal, it will not doubt be hoping another bidder will come out of the wood work. The British market researcher’s share price has already fallen almost 2 per cent this morning as GfK confirmed its withdrawal, despite announcing a strong set of interim results.

As GfK comes to terms with its failure and TNS faces an uncertain future, someone would have had a glass of champagne with his scrambled eggs this morning. Sir Martin Sorrell, the chief executive of WPP, may have not won TNS…yet…but he will no doubt view GfK’s exit as a coup in his battle to win the market researcher.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive