Marketing and communications network STW has halted trading on the Australian stock exchange (ASX) this morning from a mooted takeover bid by rival WPP (who already owns a 24 per cent stake in the company).
The announcement on the ASX says the trading halt will be in place until December 15 or until an announcement is made from the company.
STW has some 70 agencies within its network in Australia, some part-owned by global communications network WPP. These agencies include Ogilvy, The White Agency, Tongue and Bohemia.
STW’s net profit dropped 22.5 per cent during the first half of this year, a result the CEO Mike Connaghan (pictured above) called it “disappointing”.
Read more about the half year results here.