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Japan: Bain extends deadline for US$1.35b Asatsu-DK bid

By  |  November 2, 2017

In the aftermath of legal action taken by an Asatsu-DK shareholder, WPP, equity fund Bain Capital has announced that it plans to extend a deadline for its US$1.35 billion bid for Asatsu-DK Inc by around a week to give shareholders more time to review the deal.

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    Last month, Asatsu-DK told WPP that it planned to end their two-decade business alliance, and asked WPP to sell its shares to Bain.

    WPP stated in an emailed statement on Thursday, November 2, that it was seeking arbitration with a Japanese arbitration body and a preliminary injunction with the Tokyo District Court, claiming it is entitled to retain its shareholding in Asatsu-DK.

    Bain’s head of Asia business, David Cross-Loh, said that the company plans to extend the deadline from November 15, to November 21 in order to comply with local financial regulations, but that the company’s offered price is full and final.

    Full Content: Reuters

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