London-based Chime has received an offer of 365p per share, plus an interim dividend for the current year of 2.53p per share, the company said on Wednesday night.
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Chime confirmed it’s in “advance discussions” about the sale, a potential deal that is under review by an independent committee of the board.
Chime noted that in accordance with UK financial regulations, WPP and Providence have until August. 26 to make a firm bid for the company or declare that it isn’t going to proceed.
WPP owns about 20 percent of the company.
“A further announcement will be made in due course”, the statement said.
Lord Coe is a director at Chime and executive chairman of CSM Sport & Entertainment, the business’ sports and entertainment division.
PR and marketing firm Chime Communications (LON:CHW) confirmed it is in advanced talks to be bought for around £365mln by WPP and Providence Equity Partners.
Shares in marketing group Chime Communications soared by more than a quarter yesterday after it emerged as a £367million takeover target.
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Chime reported a pretax profit of 30.1 million pounds and an operating income of 198.9 million pounds in 2014.
