WPP plc, the world's biggest advertising company, has lifted the price for its bid to take control of its Australian subsidairy, WPP AUNZ.
The company last month announced it wanted to take full control offering minority shareholders $0.55 a share.
It has now increased that to $0.70 a share, giving WPP AUNZ an implied enterprise value of $717 million.
Independent WPP AUNZ directors have backed the new price.
WPP plc has also agreed to WPP AUNZ declaring and paying total ordinary and special dividends of up to A$0.15 per share.
The UK-based holding company currently has 61.5% of the ASX-listed WPP AUNZ.
CEO of WPP AUNZ, Jens Monsees, told staff in an email: "If the transaction completes, WPP AUNZ will become a wholly owned subsidiary of WPP plc. Timing is subject to a number of factors, but under the current schedule the transaction could complete in the first half of 2021."
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