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Report: WPP to block Bain Capital's bid for Asatsu-DK

U.K.-listed WPP Plc will seek to block Bain Capital LP's takeover bid for Japanese advertising company Asatsu-DK Inc., the Financial Times (London) reported, citing people close to WPP.

Asatsu-DK has asked WPP to terminate their long-standing partnership and sell its stake in the Japanese ad agency. However, WPP is preparing to refuse to sell its 24.96% stake in Asatsu-DK, arguing that Bain's US$1.3 billion tender offer "severely undervalues" Japan's third-biggest agency.