Bain aims to buy Japan advertising agency Asatsu
Bain
Logo of  the Bain Capital  is screened at a news conference in Tokyo  Japan September 28  2017. REUTERS/Kim Kyung-Hoon
TOKYO  (Reuters) - U.S. private equity firm Bain Capital  aims to buy Japanâs third-largest advertising agency  Asatsu-DK Inc (9747.T)  for 152 billion yen ($1.35 billion) in one of the largest buyouts in Japan this year  it said on Monday.
 Bain  plans to buy all of Asatsu-DKâs shares from existing holders  including top shareholder WPP (WPP.L)  for 3 660 yen a share  a 15.4 percent premium over Mondayâs close.
 The private equity firm  said  it  would launch a tender offer on Tuesday and plans to delist  the company . The buyout will be canceled if it fails to buy a stake larger than 50.1 percent.
Asatsu-DK supports Bainâs offer  saying that a strategic review had found that private ownership represented the best option to position the company for sustainable growth.
âIn collaboration with  Bain Capital   we will set a course towards bold structural reforms and growth strategies that will help us to enhance our competitiveness and to expand our market share  both in Japan and overseas â said President and Group CEO Shinichi Ueno.
The bid comes only days after a Bain-led consortium signed an $18 billion deal to buy Toshiba Corpâs (6502.T) microchip business.
A source close to WPP said the buyout plan as outlined by Bain significantly undervalued Asatsu-DK.
Logo of  the Bain Capital  is screened at a news conference in Tokyo  Japan September 28  2017. REUTERS/Kim Kyung-Hoon
TOKYO   [TGT] aims to buy Japanâs third-largest advertising agency  Asatsu-DK Inc (9747.T)  for 152 billion yen ($1.35 billion) in one of the largest buyouts in Japan this year  it said on Monday.
  [TGT] plans to buy all of Asatsu-DKâs shares from existing holders  including top shareholder WPP (WPP.L)  for 3 660 yen a share  a 15.4 percent premium over Mondayâs close.
  [TGT] said   [TGT]   would launch a tender offer on Tuesday and plans to delist   [TGT]  . The buyout will be canceled if it fails to buy a stake larger than 50.1 percent.
Asatsu-DK supports Bainâs offer  saying that a strategic review had found that private ownership represented the best option to position the company for sustainable growth.
âIn collaboration with  Bain Capital   we will set a course towards bold structural reforms and growth strategies that will help us to enhance our competitiveness and to expand our market share  both in Japan and overseas â said President and Group CEO Shinichi Ueno.
The bid comes only days after a Bain-led consortium signed an $18 billion deal to buy Toshiba Corpâs (6502.T) microchip business.
A source close to WPP said the buyout plan as outlined by Bain significantly undervalued Asatsu-DK.