WPP AUNZ accepts revised proposal from WPP
Further to WPP’s announcement on 30 November 2020, WPP has submitted a revised proposal to acquire the remaining shares in WPP AUNZ it does not currently own.
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 and, if implemented, would move WPP to 100% ownership and control of its Australian and New Zealand operations.