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Chime in advanced takeover talks with WPP-Providence consortium

Reuters - UK Focus

July 30 (Reuters) - Marketing group Chime Communications Plc (LSE: CHW.L - news) said it was in advanced talks with a consortium of WPP (Swiss: OXWPP.SW - news) Plc and Providence Equity Partners LLC for a potential cash offer of 365 pence per share.

The potential offer by buyout firm Providence and the world's biggest advertising company WPP (LSE: WPP.L - news) also include an interim dividend of 2.53 pence per share, Chime said.

Chime, which has advertising and public relations divisions, has constituted an independent board committee to talk with the consortium. (Reporting by Aastha Agnihotri in Bengaluru; Editing by Gopakumar Warrier)