WPP has firmly rejected the tender offer launched by Bain Capital on 2 October as it believes private equity firm has significantly undervalued Asatsu-DK (ADK), its assets and future opportunities.

ADK had previously announced that it supported a tender offer launched by Bain that could see it becoming privatised and delisted from the Tokyo Stock Exchange.

In its latest press release, WPP, which owns 10,331,100 ADK shares, representing 24.96% of the issued share capital of ADK, said it had been approached by both shareowners and management in ADK, to clarify its commitment to the company if the tender offer, supported by the ADK Board as the only future for their company, fails.

However, WPP said it would welcome the opportunity to engage constructively with the board of ADK if the offer fails, to help ensure ADK has the talent and focus on digital and animation capability, as well as increase its shareholding in ADK to 33%, subject to the approval of the board and other shareowners.

This is the second statement that WPP has released about this ongoing dispute, with the first accusing ADK of dodging the stock purchase agreement and ignoring shareholder advice in the deal with Bain.