Quantcast

Bain gets almost 90 pct of Japan's Asatsu-DK in tender offer


Reuters

TOKYO, Dec 7 (Reuters) - U.S. private equity firm Bain Capital has garnered nearly 90 percent of Japanese advertising agency Asatsu-DK Inc's (ADK) shares in a tender offer that closed on Wednesday, the Nikkei business daily reported.

ADK is expected to announce on Thursday the results of the tender offer after a months-long dispute between Bain and its top shareholder, WPP.

Bain had been seeking a stake of at least 50.1 percent to take ADK private, offering 3,660 yen per share in Japan's third-biggest ad agency.

Britain'sWPP, the world's biggest advertising group and ADK's largest shareholder with a 25 percent stake, had initially tried to block Bain's tender offer, which it said undervalued the company. But it reversed its position last month and agreed to sell its stake at the original offer price in return for the possibility of holding a quarter of the entity that would own ADK.




This article appears in: Politics , World Markets , Stocks , Economy


More from Reuters

Subscribe






See headlines for 9747









Research Brokers before you trade

Want to trade FX?