BREAKING NEWS

BREAKING NEWS

Bain Capital says WPP agrees to sell stake in Japan's Asatsu-DK

Now Reading:

Bain Capital says WPP agrees to sell stake in Japan's Asatsu-DK

Text size Aa Aa

TOKYO (Reuters) – Advertising giant WPP PLC <WPP.L> has agreed to sell its stake in Japanese partner Asatsu-DK Inc (ADK) <9747.T> for 3,660 yen (24.6 pounds) per share to Bain Capital LLC, the private equity firm said on Tuesday, heralding the end of a row over a buyout offer. ADK had sought to end a two-decade-old business alliance with WPP, asking it to sell its shares to Bain. But WPP and other large shareholders had sought a higher offer. ADK shares jumped more 5 percent to 3,660 yen in Tuesday afternoon trade. An ADK spokeswoman declined to comment.

(Reporting by Junko FujitaEditing by Christopher Cushing)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.