NEWS30 July 2015

WPP and Providence bid to takeover Chime Communications

M&A News UK

UK — Chime Communications board confirmed that it was in “advanced discussions” with Providence Equity Partners and WPP to be bought outright in a 365p per share offer.

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The deal would also include an interim dividend for the current year of 2.53p per share. Chime Communications – which includes Chime Insight & Engagement, owners of Facts International and Opinion Leader among its research businesses – saw its share price rise 25% in early trading after the takeover talks were revealed.

WPP already owns a 20% stake in Chime. The consortium of WPP and Providence has until 5pm on 26 August to either state its firm intention to acquire the business.

A statement from Chime Communications said: “An independent committee of the board of Chime has been convened who are engaged in discussions with the consortium. There can be no certainty that the consortium will proceed to make an offer for Chime. A further announcement will be made in due course.”