Herbert Smith Freehills advised WPP AUNZ Ltd on the deal.
WPP AUNZ Ltd successfully implemented its scheme of arrangement, under which WPP plc, via Cavendish Square Holding B.V. (an indirect wholly-owned subsidiary of WPP plc), acquired all of the WPP AUNZ shares that it did not already own (Scheme).
WPP AUNZ shareholders who held shares on the relevant record dates received a total of A$0.70 cash per share via a combination of scheme consideration and fully franked dividends, representing a premium of 71% to the undisturbed closing price of WPP AUNZ shares on Friday 27 November 2020 (the last trading day before the announcement of the initial proposal from WPP plc on Monday 30 November 2020).
The Scheme was successfully implemented on 18 May 2021.
WPP AUNZ is a multinational communications, advertising, public relations, technology, and commerce holding company headquartered in Australia. It is a subsidiary of the UK conglomerate WPP plc.
The Herbert Smith Freehills team was led by partners Philippa Stone (Picture) 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.
Involved fees earner: Jennie Bian – Herbert Smith Freehills; Michael Burrell – Herbert Smith Freehills; Alison Cranney – Herbert Smith Freehills; Luke Hastings – Herbert Smith Freehills; Anitha Reddy – Herbert Smith Freehills; Philippa Stone – Herbert Smith Freehills; Adam Strauss – Herbert Smith Freehills;
Law Firms: Herbert Smith Freehills;
Clients: WPP AUNZ Ltd;