WPP Gives In and Agrees to Sell Asatsu-DK to Bain Capital for $1.35 Billion

The holding group will tender shares to the private equity firm

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After a month-long battle, the world’s largest advertising conglomerate has come to an agreement with the private equity firm made famous by Mitt Romney over ownership of Japan’s third-largest ad agency. Bain Capital Private Equity announced today that WPP has agreed to tender its shares in Asatsu-DK for its original offer price of 3,660 yen ($32) a share after the agency group argued in October that this price was too low. WPP, which is Asatsu-DK’s largest shareholder, had until today to make a decision about the offer.

Bain Capital said in a press release that WPP also indicated it will withdraw the arbitration

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