WPP bids to buy 87% stake in Press Index
FRANCE— WPP has confirmed that it is bidding to acquire an 87% controlling interest in media intelligence and monitoring firm Press Index and seeks to own the business outright if successful.
The approach values Press Index at €11.2m (£9.1m). The firm allows communications and marketing professionals to access information about their company’s media exposure.
Should the initial WPP transaction be completed, the marketing services giant would then initiate an all-cash simplified tender offer to acquire the remaining outstanding shares in Press Index.
WPP will use a squeeze-out procedure if necessary and is offering a price per share of €6.81 (£5.54) in cash.
Earlier this week WPP became the latest major company to suffer a pay revolt as 60% of shareholders voted against chief executive Sir Martin Sorrell’s (pictured) controversial £13m pay deal.