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Chime Communications Set To Be Acquired By WPP And Providence

Thu, 30th Jul 2015 05:37

LONDON (Alliance News) - Chime Communications PLC late on Wednesday said it is in advanced talks to be acquired by advertising and marketing giant WPP PLC and US buyout house Providence Equity Partners.

In a short statement, Chime Communications said it was in talks with WPP and Providence on a potential cash offer for the entire business for 365 pence per share, plus a 2.53 pence interim dividend. Chime closed Wednesday at 274.50p, so the offer would represent a 33% premium.

The deal would value all of Chime at around GBP350 million.

Chime is a London-listed sports marketing agency. WPP already owns a 20% stake in the company.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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