Meet the latest ASX stock to come under the takeover spotlight

The WPP Aunz Ltd (ASX: WPP) share price surged to its highest level since the COVID‐19 market meltdown after it became the latest ASX stock to be in the merger and acquisition (M&A) spotlight.

The WPP share price jumped a whopping 35.4% to 56 cents on Monday on news that its largest shareholder made an unsolicited offer to acquire the media buying group.

But with the WPP share price trading above the offer price of 55 cents, investors shouldn’t think that a higher competing bid is forthcoming.

Bidding war for WPP share price not likely

This is usually the case if a target’s share price trades above the offer price. But with UK-based WPP Plc holding 61.5% of the ASX stock, I doubt another suitor will launch a challenge.

The…