David Blecken
Nov 21, 2017

WPP backtracks, agrees to sell ADK stake

Bain Capital is apparently closer to taking control of Japan's third-largest advertising agency, ending a 20-year partnership with WPP.

WPP CEO Sir Martin Sorrell

WPP has agreed to sell its stake in ADK to Bain Capital for the original price of 3,660 yen US$33 per share.

The development comes after prolonged wrangling in which WPP had argued that Bain’s offer undervalued ADK. Earlier this month, WPP initiated legal proceedings to contest ADK’s moves to end a 20-year partnership between the two companies. Later WPP said it would increase its stake in ADK if the Bain bid...

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