Acquisitive media conglomerate WPP is to launch a bid for global communications services group Press Index after buying a majority stake in the firm.
WPP has acquired 87% of the share capital of Press Index from its founders and other sellers, triggering a requirement to make an offer to buy out the remaining shareholders.
WPP will offer €6.81 per share in cash for the shares in the media intelligence and monitoring agency which it does not offer, in a deal which values the whole of Press Index at about €11.2m.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The acquisition suggests it is business as usual at the firm after management were given a bloody nose at yesterday's annual general meeting by shareholders protesting at executive remuneration.
JH
-
Is it time to ride the recovery in emerging markets?Interview What's the outlook for emerging markets? Gustavo Medeiros, head of research at Ashmore Group, gives his analysis and reviews progress in developing economies
-
Could the Enterprise Investment Scheme cut your tax bill?The Enterprise Investment Scheme is tax-efficient and potentially lucrative. Taking a chance on the scheme could trim your family’s IHT bill, says David Prosser
