WPP PLC (WPP.L)
8 Dec 2016
Latest Key Developments (Source: Significant Developments)
: Blackhawk Network to acquire Grass Roots Group . Blackhawk Network - Buying Grass Roots Group for about £90 million (U.S. $118 million assuming current pound to dollar exchange rate) in cash . Blackhawk Network - Deal value will be using combination of cash-on-hand and borrowings under existing revolving credit facility . Blackhawk Network - Says transaction is subject to approval by FCO which is expected within next 30 to 120 days . Blackhawk Network - Acquired Grass Roots Group entities are forecasting adjusted EBITDA of approximately £11 million for full calendar year 2016 . Blackhawk Network - Current Grass Roots shareholders comprise WPP Plc and current and former management, all of whom are selling their shares in this deal .Blackhawk Network - Says Grass Roots will operate as a subsidiary of Blackhawk. Full Article
WPP PLC:Tamara Ingram appointed chief executive officer Of J. Walter Thompson company, replacing Gustavo Martinez, with immediate effect - RTRS.Martinez has resigned in best interest of J. Walter Thompson company. Full Article
WPP PLC:Says its global digital agency POSSIBLE Worldwide has agreed to acquire a majority stake in Conrad Caine GmbH, a full service digital agency headquartered in Munich, Germany. Full Article
WPP PLC:Agrees to merge its Australian and New Zealand businesses with STW Communications Group in Australia and New Zealand and increase its shareholding to 61.5%.The transaction will be structured through a contribution of WPP's Australian and New Zealand businesses into STW, for an enterprise value of A$512 million.Consideration consists of the issue to WPP of new STW shares and a shareholder loan. Full Article
LONDON Britain announced proposals on Tuesday to encourage more responsible corporate behaviour, part of Prime Minister Theresa May's drive to support the millions of people she says voted for Brexit in protest at 'out of touch' elites.