WPP AUNZ enters Scheme Implementation Deed with WPP plc
WPP plc is set to complete its purchase of the remaining shares of WPP AUNZ before July following a Scheme Implementation Deed announcement on Christmas Day.
This follows the announcement on 17 December 2020 regarding the revised proposal from WPP plc, under which it is proposed that WPP plc will acquire all of the ordinary shares it does not already own for A$0.70 per share in cash. This followed an initial offer of $0.55 per share.
At the A$0.70 per share WPP AUNZ has an implied enterprise value of $717 million.
According to the announcement, subject to independent experts concluding that the scheme is in the best interests of WPP AUNZ minority shareholders, the board committee unanimously recommends that WPP AUNZ minority shareholders vote in favour of the proposed scheme, and the board committee members intend to vote shares in their control in favour of the proposed scheme, in the absence of a superior proposal.
Jens Monsees is the CEO of WPP AUNZ
Subject to WPP AUNZ board determination, tax and accounting considerations, an ATO ruling and bank consent, and other approvals, the scheme is expected to be implemented in the first half of 2021.
Further details of the offer are to be included in a Scheme Booklet that will be sent to shareholders, along with a notice of a meeting at which WPP AUNZ minority shareholders will vote on the scheme. The Scheme Booklet will also include the Independent Expert’s Report on whether the scheme is in the best interest of minority shareholders, in the absence of a superior proposal and is expected to be sent in late March 2021. The meeting is expected to be held in late April 2021.
WPP AUNZ has appointed UBS AG, Australia Branch as its financial adviser, Herbert Smith Freehills as its legal adviser and PricewaterhouseCoopers as an independent expert.
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Olivia Kruimel is the managing editor at Mumbrella. She has more than 15 years of experience in journalism, communications and marketing. Her journalism career began at Fairfax Media (now part of Nine) and includes various B2B publications such as B&T, Travel Today and ALB. As a marketer Olivia has worked for Standard Chartered and various global law firms.
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