Oct 3, 2017

WPP complicates Bain bid for Japanese ad agency

WPP CEO Martin Sorrell / Photo: AP/Kirsty Wigglesworth

Bain Capital has a possible roadblock in its $1.3 billion takeover offer for Japanese ad agency Asatsu-DK, as global ad giant WPP does not plan to tender its 24.7% stake, according to the FT.

Why it matters: This would be the first-ever buyout of a major ad company in Japan. It also would be the second time this year that Bain has run into problems in Japan with a target's non-Japanese partner (the first being Western Digital on the Toshiba memory chips deal). All fairly remarkable, given that U.S. private equity firms had written off Japan not too long ago.

Bottom line: WPP seems to be holding on for financial reasons rather than to capitalize on ADK's ambitions to grow with Japan's digital ad market. Japan, the third-largest ad market globally at roughly $41 billion, is expected to grow to $44 billion, largely due to accelerated growth in mobile advertising.

Go deeper

Rashaan Ayesh
12 mins ago - Politics & Policy

Voters visit polls in Arizona, Kansas, Michigan, Missouri, Washington

Photo: Michael B. Thomas/Getty Images

Primary elections on Tuesday in fives states see crowded fields of both Republicans and Democrats hoping to make the ballot in 2020.

What to watch: Rep. Rashida Tlaib (D-Mich.) is "fighting for her political life" in a tight primary race against Detroit City Council President Brenda Jones, who Tlaib beat by 900 votes in 2018, The New York Times writes. Senate Republicans are also watching the primary race in Kansas to see who could replace retiring Republican Sen. Pat Roberts.

Go deeper (2 min. read)Arrow
Axios
Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 18,387,725 — Total deaths: 696,586 — Total recoveries — 10,976,180 — Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 4,758,028 — Total deaths: 156,426 — Total recoveries: 1,513,446 — Total tests: 57,543,852 — Map.
  3. States: New York City health commissioner resigns in protest of De Blasio's coronavirus response — Local governments go to war over schools.
  4. Public health: 59% of Americans support nationwide 2-week stay-at-home order in NPR poll.
  5. Politics: Trump's national security adviser returns to work after coronavirus recovery — Republicans push to expand small business loan program.
  6. Sports: Indy 500 to be held without fans — Rafael Nadal opts out of U.S. Open.
Go deeper (<1 min. read)Arrow
Dave Lawler
Updated 2 hours ago - World

At least 50 killed, 3,000 injured after massive explosion rocks Beirut

Photo: Anwar Amro/AFP via Getty Images

A major explosion has slammed central Beirut, Lebanon, damaging buildings as far as several miles away and injuring scores of people.

Driving the news: Lebanon's health minister said in televised remarks that more than 50 people have been killed and over 3,000 injured. Prime Minister Hassan Diab said the explosions occurred at a warehouse that had been storing 2,750 tons of ammonium nitrate for the past six years, per NBC.

Go deeper (1 min. read)Arrow