WPP submits revised proposal for AUNZ shares
If implemented, it would move WPP to 100% ownership and control of its Australian and New Zealandoperations.
WPP has submitted a revised proposal to acquire the remaining WPP AUNZ shares, which it currently does not own. The company has released an official statement in the matter: "The revised proposal of A$0.70 per share in cash has been accepted by WPP AUNZ who will seek to enter into a scheme implementation agreement. The revised proposal has been made concurrent with a trading update and outlook statement announced by WPP AUNZ separately today.
The revised proposal remains subject to entering into binding documentation and implementation will be conditional on approval by WPP AUNZ shareholders and customary regulatory approvals. The total aggregate consideration payable by WPP for the remaining shares would be approximately A$230m."
The proposed acquisition is in line with WPP's global strategy of simplifying its structure. If implemented, it would move WPP to 100% ownership and control of its Australian and New Zealand operations.
