WPP AUNZ’s shareholders have voted in favour of a proposed scheme of arrangement, paving the way for a global takeover of local operations.
In a release to the ASX this morning, WPP AUNZ confirmed the move was passed by the required majority of minority shareholders.
In total, 96.45 per cent of the votes cast on the poll were in favour of the takeover, according to the ASX release.
WPP AUNZ chairman Robert Mactier thanked CEO Jens Monsees and the management team for their role in executing WPP’s global transformation strategy.
“WPP AUNZ will continue to be a strong force in the Asia Pacific region under full ownership by WPP plc,” he said.
Late last year, WPP AUNZ announced it had received an unsolicited proposal from WPP plc to acquire all ordinary shares at a price of $0.55 per share in cash.
However, the share price quickly jumped up following news of the intended takeover.
Following today’s vote, WPP AUNZ shareholders that held their shares as of the FY20 Total Dividend record Date (31 March 2021) will be entitled to receive a total cash payment of $0.70 per WPP AUNZ share, less any dividends declared.
The WPP plc takeover is still subject to the approval of the Supreme Court of NSW, with a second court hearing scheduled for this Friday.
Mark Read, CEO of WPP, said: “We are delighted that the shareholders of WPP AUNZ have voted in favour of the scheme of arrangement. Australia and New Zealand have been very important markets for us for many years, and we look forward to investing further in our great agency brands here. Our priorities are to continue to provide outstanding service for our clients, invest in the capabilities modern marketers need to succeed, support our people’s development and work even more closely with our fantastic people and agencies to grow the business.”
More to come.