Companies under offer often seem to exist in a parallel universe. Wednesday’s half-year presentation from Taylor Nelson Sofres, the market research group pursued by WPP, featured the usual prettified numbers, bountiful new sources of cost savings and a bigger dividend. Having put the group in play some months ago by arguing the need for consolidation with GfK, TNS’s preferred merger partner, chief executive David Lowden is now swept up in visions of an independent future.

Back in the real world, TNS is an ex-company. The withdrawal on Wednesday of GfK’s half-baked approach means that WPP’s cash-and-shares offer, worth about 270p, is now the only bid on the table; the first deadline for acceptances is Friday afternoon. TNS shares are trading just below that level, suggesting investors have written off hope of any contest. No one sees TNS as a standalone entity: there was no reaction to news that the company was planning to shave about 7 per cent from its cost base.