Hot on the heels of their acquisition of Blast Radius on the West Coast, WPP’s strategy of developing its networks in fast growing markets brings them North of the border again but this time on the East Coast.
The Globe & Mail reports that the WPP Group has upped the ante in their pursuit of Montreal-based interactive marketing strategist Nurun with a written offer for CDN $76 million or CDN $5.25 a share in cash, for Nurun’s total shares.
One problem, Quebecor Media has a majority stake in Nurun and has been trying to take the company private with an offer to purchase the 42 percent of the company that it doesn’t already own. Despite WPP’s higher offer, Quebecor reportedly has most of the minority shareholders on board.
More importantly, Quebecor Media’s controlling interest allows it to deny any takeover of Nurun. Still, WPP has indicated that it’s willing to purchase only the publicly traded shares, if it can’t have the whole thing.