ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

WPP takes legal action in spat with Asatsu-DK over Bain offer

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

An acrimonious spat between advertising giant WPP and its partner Asatsu-DK Inc over a $1.35 billion offer for the Japanese firm from Bain Capital has deepened, with WPP saying it was taking legal action.

Asatsu-DK is backing Bain`s offer, but WPP, its largest shareholder with a stake of about 25 percent, and other shareholders have said the bid significantly undervalues the company.

The world`s largest advertising group is seeking arbitration with a Japanese arbitration body and a preliminary injunction with the Tokyo District Court. In both cases it is asking for a declaration that Asatsu-DK`s termination of their business alliance was invalid.

It also said it wanted a declaration that Asatsu-DK had no right to request or require WPP to sell its shares in the Japanese firm.

Asatsu-DK said last month it wanted to end the alliance and had asked WPP to tender its shares in the company to Bain.

The Japanese firm said on Thursday in a statement that WPP had notified it on Wednesday that it was planning to terminate their alliance, accusing Asatsu-DK of breaching their agreement with a hedging contract it had entered into with Morgan Stanley.

Asatsu-DK added that it did not believe it had breached their agreement with the hedging contract.

WPP and Asatsu-DK formed their alliance in 1998 to set up joint ventures, cultivate clients together, and exchanged equity stakes. Asatsu-DK owns 2.43 percent of WPP.

A representative for Bain was not immediately available for comment.

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

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Thu, Nov 02, 2017
10:37 am
Reuters
RELATED NEWS
Indian IT services industry's growth pace may slow down in near to mid term: ICRA Indian IT services industry's growth pace may slow down in near to mid term: ICRA
RBI MPC Meeting: Will central bank press pause button on repo rate hike? RBI MPC Meeting: Will central bank press pause button on repo rate hike?
India's economy already 10% more energy efficient than G20 average: IEA India's economy already 10% more energy efficient than G20 average: IEA
GST Council to meet on February 18 GST Council to meet on February 18
No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says

LATEST NEWS

Budget a 'silent strike' on poor by Modi govt: Sonia Gandhi

Rose Day 2023: Celebrate first day of Valentine's week with special wishes, messages, quotes and Whatsapp status

JEE Main 2023 Result: IIT JEE Mains results to be released soon at jeemain.nta.nic.in; final answer key download link

Grammy Awards 2023: Full list of winners in top categories

Elon Musk calls past three months "extremely tough", says "had to save Twitter from bankruptcy"

Flipkart Valentines Day Sale: Check latest offers on smartphones, AirPods and others

Rupee vs Dollar today: INR falls 42 paise to 82.50 against $

Gold Price Today (February 6): Yellow metal rebounds after hitting four-week low - Check rate in Delhi, Mumbai and other cities

Next RBI MPC Meeting Date: Check Monetary Policy Committee review February 2023 schedule

Petrol-Diesel Prices Today February 6: Check the latest fuel rates in Delhi, Bengaluru, Mumbai, Chennai, Noida, and Hyderabad

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV