Advertising company WPP PLC (WPP.L) has agreed to a $1.35 billion tender offer from Bain Capital LLC for Japanese peer Asatsu-DK Inc(9747.T), of which it owns 25 percent, an about-face that heralds an end to a soured partnership.
A draft statement from Bain seen by Reuters on Tuesday showed WPP had agreed to the offer it initially rejected last month. Bain and WPP told Reuters on Tuesday that no agreement had been signed. They declined to comment further.
The tender offer was scheduled to close on Tuesday, but the draft statement showed Bain had extended the offer until Dec. 6.
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