Bain Capital says WPP agrees to sell stake in Japan's Asatsu-DK

Advertising giant WPP PLC has agreed to sell its stake in Japanese partner Asatsu-DK Inc (ADK) for 3,660 yen ($32.53) per share to Bain Capital LLC, the private equity firm said on Tuesday, heralding the end of a row over a buyout offer.

ADK had sought to end a two-decade-old business alliance with WPP, asking it to sell its shares to Bain. But WPP and other large shareholders had sought a higher offer.

ADK shares jumped more 5 percent to 3,660 yen in Tuesday afternoon trade.

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An ADK spokeswoman declined to comment.

($1 = 112.5200 yen)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)