Chime shareholders approve Bell Pottinger MBO
Chime Communications will sell a significant portion of its public relations business to a new private company led by Lord Bell, after shareholders approved the plan today.
Shareholders voted for the sale of Bell Pottinger and related agencies to Bell’s new holding company BPP Communications at the company’s general meeting held at midday today.
The number of proxy votes cast ‘for’ the resolution was 51,207,095, ‘against’ 17,344,225 and; votes ‘withheld’ 1,084,335.
The plans received the backing of 73.5% of the votes cast today and 63% of the 80,815,982 eligible to vote.
The new BPP Communications will comprise of Bell Pottinger Public Relations, Pelham Bell Pottinger, Bell Pottinger Public Affairs, Bell Pottinger Sans Frontières and Bell Pottinger Middle East.
The deal is worth £19.6m and Chime will retain 25 per cent of the new agency.
Chime said that the sale is expected to be completed by the end of June.
Sir Martin Sorrell, whose WPP owns 20% of Chime, has repeatedly come out publicly against the transaction. It is thought that WPP and its representative on the Chime board voted against the deal.
This article was first published on prweek.com
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