WPP won't accept Bain tender offer in takeover bid for Asatsu-DK [Seeking Alpha]
WPP PLC AMERICAN DEPOSITARY SH (WPPGY)
US:NASDAQ Investor Relations:
wpp.com/wpp/investor/financialnews/2017/nov/16/wpp-announces-transfer-of-its-american-depositary-shares-ads-to-nyse
Company Research
Source: Seeking Alpha
WPP won't accept Bain tender offer in takeover bid for Asatsu-DKAd giant WPP (NASDAQ:WPPGY) say it doesn't intend to accept a tender offer made by Bain Capital an an attempted ¥150B buyout of Japanese ad firm Asatsu-DK (OTC:AASUF).Bain's tender offer has been extended by four business days, from an original Nov. 15 deadline to Nov. 21. And WPP holds 24% of the Japanese firm.But WPP says "We believe Bain has significantly undervalued ADK, its assets and future opportunities."It does say, though, that if Bain's tender fails, it would like to work constructively with the board -- perhaps including increasing its holdings to 33%.WPP previously moved to terminate its cooperation agreement with Asatsu-DK after it said a hedging transaction ADK underwent as part of the takeover breached the companies' agreement, which WPP says prohibits any transfer of its shares.Bain Capital launched its tender offer to buy the Japanese ad firm for ¥150B at the beginning of October.Now read:BBC considers bu
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