WPP boss Martin Sorrell hiked the pressure on 25 percent-owned Asatsu-DK by rejecting to tender its shares to Bain Capital and threatening to increase his firm's stake to the 33 percent mark.
He has maintained that Bain’s offer undervalues ADK’s assets and future opportunities.
The ad/PR combine claims it has been approached by other stakeholders, include ADK investors and management, to “clarify our commitment to ADK” in the event Bain’s $1.3B bid for the Japanese ad agency collapses.
WPP stands ready to “engage constructively with the board of ADK it the tender offer fails, to help ensure ADK has the talent and focus on digital and animation capability needed to increase the value of ADK for the benefit of all long-term stakeholders,” according to its statement.
ADK calls Bain’s offer “the most credible proposal, and one that would offer the most price maximization for shareholders.”