Providence Equity, WPP Group In Talks About $547M Takeover Bid For Chime

London-based Chime Communications "is in advanced talks about a takeover" valuing it at more than $547M, and has "received a joint bid approach" from Providence Equity and WPP Group, according to Mark Kleinman of SKY NEWS. Sources said that a statement confirming that Chime's board "has recommended an offer for the company is expected to be made to the London Stock Exchange" as soon as today. A takeover "would crystallise significant sums for executives" including CEO Chris Satterthwaite and CSM Sport & Entertainment Exec Chair Sebastian Coe (NEWS.SKY.com, 7/29). The FINANCIAL TIMES' Cookson & Moore note Chime said there "can be no certainty" that WPP and Providence will proceed to make an offer. Chime in recent years has become a "significant player in the sports marketing world," including with the '13 acquisition of Just Marketing Int'l (FINANCIAL TIMES, 7/29).