Shareholders are now considering the bid by the buyout group Valcon, which is being backed by VNU's supervisory and executive board.
But in a statement that clarifies comments made at last month's extraordinary general meeting, VNU said: "In the event, Valcon's offer for VNU is not successful, the company confirms that, in line with statements made at the April 18 extraordinary general meeting, changes to the composition of the supervisory board and executive board are likely, but no formal decisions have been made in that regard."
"VNU emphasises that, under such a scenario, the supervisory board and executive board would continue to fulfill their fiduciary obligations and take proper steps to ensure an orderly transition to new leadership."
Valcon members include Alpinvest, Blackstone, Carlyle KKR, Hellman & Friedman and Thomas Lee. The group's latest offer is an improvement on a initial €7.5bn bid that was rejected earlier this year.
Shareholders are expected to make a decision on the new offer by May 19.
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This article was first published on brandrepublic.com