 Martin Sorrell |
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.”
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
Institutional Shareholder Services advises investors to vote "no" on a compensation package for WPP chief Cindy Rose at the May 8 annual meeting.
FTI Consulting chalked up a 9.5 percent rise in Q1 revenues to $983.3M, powered by gains in its PR, corporate finance and technology segments.
Stagwell reports 4 percent growth in Q1 net revenues to $585M and a record $141M in net new business wins.
WPP reported a 6.7 percent drop to $3.1B in Q1 like-like revenues less pass-through costs. CEO Cindy Rose says 'it will take time to outpace historical losses."
