Oct
04
Stand Firm, WPP. This Japanese Ad Agency Can Pay More
Posted in: Uncategorized
Even before the divorce, WPP is squeezing for more alimony.
Shares in Japan’s third biggest advertising agency Asatsu-DK Inc. soared as much as 20.5 percent Tuesday, the most on record, after venture capital firm Bain Capital offered to buy out the company for $1.3 billion.
Asatsu-DK is trading at 3,810 yen ($33.68) per share, higher than Bain’s 3,660 yen bid price. In other words, the market believes Bain will sweeten its offer. Asatsu-DK’s largest shareholder, London-based WPP, the world’s biggest advertising firm, has indicated Bain’s offer is too low, according to people familiar with the matter.
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