WPP makes offer for stake in Japanese peer

30th Aug 2011 07:35

Acquisitive marketing and advertising group WPP is at it again, this time making a non-binding offer to acquire Japanese peer Astatsu-DK's stake in DA Consortium (DAC).Astatsu-DK has announced its intention to sell the stake, and WPP has stepped in with an offer worth 36,550 yen per share.WPP hopes to work closely with the board of directors of Astatsu-DK to agree final terms for the acquisition of the shares, the WPP statement said. Under the terms of its offer, WPP proposes to execute a legally binding Definitive Agreement by Friday 2nd September 2011.DAC was founded in 1996, and is majority-owned by the Hakuhodo DY group. --jh