WPP statement re: ADK
15 November, 2017
WPP owns 10,331,100 ADK shares, representing 24.96% of the issued share capital of ADK.
WPP does not intend to accept the Tender Offer launched by Bain on 2 October 2017 as we believe Bain has significantly undervalued ADK, its assets and future opportunities – as we and other shareowners have publicly stated previously.
WPP has been approached by other stakeholders, both shareowners and management in ADK, to clarify our commitment to ADK if the Tender Offer, supported by the ADK Board as the only future for their company, fails.
WPP would welcome the opportunity to engage constructively with the Board of ADK if the Tender Offer fails, to help ensure ADK has the talent and focus on digital and animation capability needed to increase the value of ADK for the benefit of all long-term stakeholders.
With the approval of the Board and other shareowners we would also be prepared, as requested by some shareowners, to increase our shareholding in ADK to 33%.
Feona McEwan, WPP +44(0) 20 7408 2204
Chris Wade, WPP