Slaughter and May is advising Chime Communications - proposed acquisition by Bidco

Slaughter and May is advising Chime Communications plc (Chime) on its acquisition by Bell Bidder Limited (Bidco), an entity controlled by funds managed by Providence Equity Partners. The recommended offer was announced on 31 July 2015 and values Chime at approximately £374 million. Under the terms of the offer, Chime shareholders will be entitled to receive 365 pence in cash for each Chime share held. WPP plc, which is a significant Chime shareholder and a joint offeror with Providence for the purposes of the Takeover Code, will acquire an indirect minority interest in Bidco in exchange for transferring its Chime shares to Bidco's parent company.

It is intended that the transaction will be implemented by way of a court-sanctioned scheme of arrangement. The transaction is subject to customary conditions. Subject to the satisfaction or waiver of the conditions, it is expected that the transaction will be completed in Q4 2015.

Chime is an international sport, entertainment and communications group made up of four divisions, 56 agencies and over 2000 people, with offices around the world.

Nigel Boardman Senior Consultant
Sarah Osprey Associate