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WPP plc acquires remainder of WPP AUNZ shares
Global law firm Herbert Smith Freehills has advised on a transaction that saw WPP plc acquire the remainder of shares in WPP AUNZ.
Lauren Croft
Firm: Herbert Smith Freehills
Value: N/A
Area: M&A
Key players: The Herbert Smith Freehills team was led by partners Philippa Stone and Adam Strauss, who were supported by senior associate Michael Burrell and solicitor Jennie Bian. The team also included litigation partner Luke Hastings, senior associate Alison Cranney and solicitor Anitha Reddy.
WPP AUNZ shareholders who held shares on the relevant record dates received a total of $0.70 cash per share – which was a combination of scheme consideration and fully franked dividends and represents a premium of 71 per cent to the closing price of WPP AUNZ shares. The last trading day on shares was Friday, 27 November 2020, before the announcement of the initial proposal from WPP plc on Monday, 30 November 2020. The scheme was successfully implemented on 18 May 2021.
“We are proud to have assisted WPP AUNZ in a further milestone transaction, following our long and valued association with them. We expect that the combined business will continue to flourish under the new ownership,” Ms Stone said of the deal.
Mr Strauss said that the firm was excited to continue its working relationship with WPP AUNZ.
“We are delighted that the Herbert Smith Freehills team supported WPP AUNZ in another successful transaction, following the recent sale by WPP AUNZ of its interest in the Kantar Australian and New Zealand businesses, as well as its earlier merger with WPP plc and acquisition of WPP plc’s Australian and New Zealand businesses, each of which Herbert Smith Freehills also advised WPP AUNZ on,” he said.
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
