WPP Merges ANZ Businesses with STW
December 14 2015 - 2:47AM
Dow Jones News
LONDON--WPP PLC (WPP.LN), the advertising holding company,
Monday said it agreed to merge its Australian and New Zealand
businesses with marketing and communications group STW
Communications Group Ltd. (SGN.AU) and increase its shareholding to
61.5%
WPP's current stake in STW is 23.6%.
The transaction will be structured through a contribution of
WPP's Australian and New Zealand businesses into STW, for an
enterprise value of A$512 million ($369 million), with
consideration consisting of the issue to WPP of new STW shares and
a shareholder loan.
The STW Shares will be issued to WPP at A$0.915 per share,
representing a premium of 30% to the 10 day volume weighted average
price prior to the date of Monday's announcement.
The transaction is conditional on STW shareholder approval and
the approval of the Australian Competition and Consumer Commission
and the Foreign Investment Review Board, it said in a
statement.
--Write to Simon Zekaria at simon.zekaria@wsj.com
(END) Dow Jones Newswires
December 14, 2015 02:32 ET (07:32 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
STW Communications (ASX:SGN)
Historical Stock Chart
From May 2024 to Jun 2024
STW Communications (ASX:SGN)
Historical Stock Chart
From Jun 2023 to Jun 2024
