Cavendish Square Holding B.V. made a proposal to acquire remaining 38.5% stake in WPP AUNZ Limited (ASX:SGN) from minority shareholders for approximately AUD 220 million on November 28, 2020. WPP plc entered into a Scheme Implementation Deed with WPP AUNZ Limited on December 25, 2020. As per the transaction, WPP plc will acquire the remaining share from the minority shareholders of WPP AUNZ Limited at an offer price of AUD 0.55 per share. As of December 17, 2020, WPP plc increased the offer price to AUD 0.7 per share, subject to reduction if dividend declared by WPP AUNZ. On February 25, 2021, WPP declared the dividend of AUD 0.044 per share. On March 10, 2021, WPP AUNZ Ltd entered into a deed of amendment and restatement with WPP plc to amend the Scheme Implementation Deed to permit WPP AUNZ to pay fully franked ordinary and special dividends of up to AUD 0.20 per WPP AUNZ share (increased from up to AUD 0.15 per WPP AUNZ share). The consideration offered under the Scheme is unchanged at AUD 0.70 per share, which will be reduced by the amount of any permitted dividends paid or declared in 2021 prior to the Scheme. This includes the dividend of AUD 0.044 per share declared. Upon the completion of the transaction, WPP plc will hold 100% stake in WPP AUNZ Limited. WPP plc has substantial resources available to it to fund implementation of the proposal and confirms that it does not require any external funding. WPP is seeking to enter into a binding implementation agreement prior to December 31, 2020. WPP reserves the right to withdraw this proposal at any time prior to execution of the implementation agreement. The transaction is subject to customary condition, entry into a binding agreement, Court approval, WPP AUNZ's shareholder approval and regulatory approval. As of March 16, 2021, Supreme Court of New South Wales has made order approving the convening of meeting of shareholders of in WPP AUNZ Limited to be held on April 21, 2021. As of March 17, 2021, the court hearing to approve the transaction will be held on April 23, 2021. As of April 23, 2021, Supreme Court of New South Wales approved the transaction. The Board of Directors of WPP plc supported and approved the proposal. As of April 21, 2021, the minority shareholders of WPP AUNZ approved the transaction. Independent Board committee (IBC) of WPP AUNZ believed the revised offer was in the best interests of minority shareholders. Subject to the Independent Expert concluding that the Scheme is in the best interests of WPP AUNZ minority shareholders, the IBC unanimously recommends that WPP AUNZ minority shareholders vote in favor of the proposed Scheme, and IBC members intend to vote shares in their control in favor of the proposed Scheme, in the absence of a superior proposal. The completion of the acquisition and payment to minority shareholders is expected to be done by March 2021. As of December 18, 2020, the transaction is expected to close in the first half of 2021. As of March 17, 2021, the transaction is expected to close on May 18, 2021. Goldman Sachs International acted as financial advisor to WPP plc. MinterEllison acted as legal advisor to WPP plc. UBS Securities Australia Ltd acted as financial advisor to WPP AUNZ Limited. Philippa Stone, Michael Burrell and Adam Strauss of Herbert Smith Freehills acted as legal advisor to WPP AUNZ Limited. Richard Stewart and Meredith Chester of Pricewaterhouse coopers Securities Limited, Investment Banking Arm acted as fairness opinion provider for WPP AUNZ Limited. Computershare Investor Services Pty Limited acted as transfer agent for WPP AUNZ. Cavendish Square Holding B.V. completed the acquisition of remaining 38.5% stake in WPP AUNZ Limited (ASX:SGN) from minority shareholders on May 18, 2021. With effect of the implementation of the Scheme, Kim Anderson, Graham Cubbin and Robert Mactier have resigned as directors of WPP AUNZ. WPP AUNZ has been officially removed from ASX Limited on May 19, 2021. As of May 21, 2021, Jens Monsees has quit WPP AUNZ as CEO after the transaction.