Chime Comms agrees takeover by WPP and US buyout firm

(ShareCast News) - Advertising giant WPP and US buyout firm Providence have signed a deal to buy London-listed Chime Communications for £374m.Shares in the sports marketing agency rose 4.56% on the news, at 361p at 1449 BST, while WPP shares were up 0.55% to 1469p.The deal values Chime shares at 365p per share, a 33% premium above their closing pricing on 29 July 2015.Existing Chime shareholders would receive 365p per share, and the deal also includes an interim dividend of 2.53p per share.Under the arrangement WPP and Providence joined to form Bidco, in which WPP has an indirect minority interest.WPP already owns 20% of Chime, which had more than 50 sports agencies and was founded by Margaret Thatcher's media adviser.