SYDNEY, Wednesday: The minority shareholders of WPP AUNZ have voted in favour of a takeover bid from WPP plc this morning, meaning the global company will become the sole owner of the local agency holding group, acquiring the remaining 38.5% of shares in the company it did not previously own.
The “minority shareholders” were not individually indentified.
In total, 96.45% of the votes were in favour of the takeover, according to a release from the Australian Stock Exchange.
WPP AUNZ chairman Robert Mactier thanked ceo Jens Monsees and his AU management team for their role in executing WPP’s global transformation strategy.
“WPP AUNZ will continue to be a strong force in the Asia Pacific region under full ownership by WPP plc.”
“WPP AUNZ will continue to be a strong force in the Asia Pacific region under full ownership by WPP plc,” he said.
Late last year, WPP AUNZ announced it had received an unsolicited proposal from WPP plc to acquire all ordinary shares at a price of $0.55 per share in cash.
However, the share price quickly jumped up following news of the intended takeover.
The WPP plc takeover is still subject to the approval of the Supreme Court of NSW, with a second court hearing scheduled for this Friday.
Share this Post
