In a statement coming out of Australia this morning, WPP AUNZ has indicated shareholders voted in favour of a global takeover of its local operations.
According to the ASX statement, 96.45 per cent of the votes cast on the poll were in favour of the takeover by WPP plc.
This news comes after the November 2020 revelation that WPP plc made a AUD55¢ a share bid for WPP AUNZ, only later to up its offer to AUD70¢ a share. This would give WPP AUNZ an implied enterprise value of AUD$717 million, according to The Australian Financial Review.
Robert Mactier, Chairman of WPP AUNZ spoke exclusively to StopPress following the announcement.
“Today’s announcement that shareholders have voted to accept WPP plc’s proposal to acquire the remaining shares it does not already own in WPP AUNZ represents a significant and positive chapter in the company’s history,” says Mactier.
“I’m very confident in the continued success of our business and know the teams are looking forward to working together to deliver growth for our clients and people.”
When it comes to WPP’s place in the local New Zealand market, Mactier says that the takeover will further entrench the agency’s transformative role in the country.
“WPP will remain the leading creative transformation company in New Zealand, the region and globally, with even greater access to market-leading resources within a global footprint.”
The WPP plc takeover is still subject to the approval of the Supreme Court of NSW.
