WPP Gets Approval to Buy the Rest of WPP AUNZ

Shares in WPP AUNZ have been suspended from the ASX (Australian Securities Exchange), following last week's shareholder vote in favour of a buyout of the business by British parent company WPP plc.

WPP currently holds a 61.5% stake in WPP AUNZ and made its initial proposal to take 100% ownership of the business at the end of November. Back then, it made a 55 cents a share bid for WPP AUNZ, but on December 17th it increased that to 70 cents a share, giving WPP AUNZ a valuation of $717 million.

Last week, 87.5% of minority shareholders in WPP AUNZ voted in favour of the 70 cent share deal, and WPP is expected to take full control of the former's Australian operations next month. WPP AUNZ Chairman Robert Mactier says the 'significant transaction premium', compared to recent trading levels, was based on an improved outlook for the business which was delivered as a result of the 'significant work' from CEO Jens Monsees and the management team in executing on the group's transformation strategy.

WPP Chief Mark Read adds: 'We are delighted that the shareholders of WPP AUNZ have voted in favour of the scheme of arrangement. Australia and New Zealand have been very important markets for us for many years, and we look forward to investing further in our great agency brands here'.

Web sites: www.wppaunz.com and www.wpp.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.