It's not only players that switch clubs during transfer season: Chime (CHW) has recommended an indirect cash offer from advertising titan and shareholder WPP (WPP) and asset manager Providence.
The directors of the sports marketing and communications group believe WPP and Providence can provide the capital and expertise needed to realise the group's full potential. The news comes after they warned in May that delays in signing off two major sports marketing contracts would drag full-year results below market expectations. Still, they expect the ongoing Ashes series and this year's Rugby World Cup to underpin double-digit growth in operating profit.
Sports marketing remains high on WPP's agenda. It recently launched ESP, a sports and entertainment agency brand, and acquired data-driven sports marketing agency Two Circles, which counts Liverpool FC among its clients.
Before the bid, broker Investec Securities forecast EPS of 22.9p (22.3p in 2014).
