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Asatsu-DK says WPP agrees to terminate business alliance

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Asatsu-DK says WPP agrees to terminate business alliance

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TOKYO (Reuters) – Japanese advertising agency Asatsu-DK Inc <9747.T> said on Thursday that WPP <WPP.L>, its largest shareholder, has agreed to terminate its business alliance with the company. The decision comes amid a $1.35 billion (1.02 billion pounds)offer to buy Asatsu-DK from U.S. private equity firm Bain Capital. WPP and other Asatsu-DK shareholders have said the Bain offer significantly undervalues the Japanese company. Asatsu-DK said last month it wanted to end its alliance with WPP and had asked it to tender its shares in the company to Bain.

(Reporting by Junko Fujita; Editing by Edwina Gibbs)
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