WPP, Providence Bid $550m for U.K.'s Chime Communications
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WPP and Providence Equity Partners, a New York-based global private equity firm, have launched a $550 million takeover bid for London-based Chime Communications, owner of VCCP, the U.K.’s sixth biggest agency according to Nielsen figures.
Chime has confirmed that it will recommend shareholders accept the bid, sending the company’s share price up by more than 25% since the announcement this morning. WPP already has a 20% stake in Chime, and the Financial Times reported that WPP plans to keep its stake at about 20%. That would make Providence the majority investor.
VCCP clients include telecoms giant O2, Coors, ING Direct, EasyJet, Vans, Wal Mart-owned Asda, and comparethemarket.com, for which the agency created the iconic and long-running “Meerkat” campaign.
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