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.
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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
