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WPP chief Martin Sorrell wants 24.7 percent-owned Asatsu-DK to disclose the number of potential financial partners approached and the extent of those discussions as he steps up opposition to Bain Capital's $1.3B tender offer for the Japanese ad agency.
He claims to know of one deal that fell apart because of the reluctance of ADK's management to pull the trigger. "Were these approaches fully discussed at the board level?" Sorrell asked in a statement released Oct. 17.
For its part, ADK says it approached multiple potential financial and strategic partners to find the best outcome for it and shareholders. It determined that Bain "presented the most credible proposal."
ADK also maintains that directors and management do not have any deals with Bain "regarding continuing appointment, employment or remuneration."
Sorrell refutes ADK's position and alleges that "Bain has made promises to management continuity and the price negotiated by Bain was not a very demanding one, giving the intrinsic value."
ADK says, "expected synergies with WPP never fully materialized, and the industry has changed significantly since the alliance was formed." Management "made the painful but necessary decision to unwind a capital and business alliance that simply no longer makes sense."
The agency views the Bain deal as an "exit opportunity at a financial premium in connection with ADK’s transition to a company independent from WPP."
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