WPP PLC Proposal to acquire remaining shares in WPP AUNZ (8431G)
30 November 2020 - 6:00PM
UK Regulatory
TIDMWPP
RNS Number : 8431G
WPP PLC
29 November 2020
FOR IMMEDIATE RELEASE 29 November 2020
WPP PLC ("WPP")
WPP submits proposal to acquire remaining shares in WPP AUNZ
WPP has submitted a proposal to the Board of WPP AUNZ Limited
("WPP AUNZ") to pursue an acquisition of the remaining shares in
WPP AUNZ. WPP currently holds a stake of approximately 61.5% of the
share capital of WPP AUNZ, which is listed on the Australian
Securities Exchange (ASX:WPP). The proposed acquisition is in line
with WPP's global strategy of simplifying its structure and will
move WPP to 100% ownership and control of its Australian and New
Zealand operations.
The proposal made by WPP, of A$0.55 per share in cash,
represents a premium of approximately 34.1% to the closing price of
WPP AUNZ on 27 November 2020. The total aggregate consideration
payable by WPP for the remaining shares would be approximately
A$181m. The proposal has not yet been put to WPP AUNZ shareholders
and there is no certainty that the acquisition will complete. The
proposal is subject to customary conditions (including regulatory
approvals) and, if implemented, is expected to be completed in
2021.
Further information
Chris Wade, WPP } +44 (0)20 7282 4600
Peregrine Riviere, WPP } +44 (0)7909 907193
About WPP
WPP is a creative transformation company. We use the power of
creativity to build better futures for our people, clients and
communities. For more information, visit www.wpp.com .
ENDS
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