VCCP parent company Chime mulls buyout offer from WPP and Providence

Alex Hayes

July 30, 2015 1:01

Communications group Chime, the owner of creative agency VCCP which is behind the comparethemarket.com.au meerkats campaigns, has confirmed it is considering a sale to Providence Equity Partners and WPP.

Chime confirmed the buyout offer after the news was broken on Sky News in the UK, stating it was considering a cash offer for its entire issued share capital at $7.79 a share, plus an interim dividend for the current year of 54 cents per share.

WPP is the world’s biggest marketing holding group, which in Australia owns agencies including MEC, Mediacom, JWT, George Patterson Y&R and Mindshare, and already holds an approximate 18 per cent share in Chime Communications.

In its announcement Chime was cautious to note there is “no certainty” Providence Equity Partners and WPP will make an offer for chime.

Subscribe to keep reading

Join Mumbrella Pro to access the Mumbrella archive and read our premium analysis of everything under the media and marketing umbrella.

Alex Hayes

Alex Hayes worked for Mumbrella from 2013 to 2017 in roles including editor and head of Mumbrella Bespoke.

Topics