Chime Communications’ share price soars after £350m WPP takeover revealed

WPP, which is run by Sir Martin Sorrell and is the world’s largest marketing firm, already owns a 20 per cent stake in Chime. However, the company cautioned that “there can be no certainty” that WPP and Providence would proceed to make an offer.

Chime Communications wood panel tested that likely it was in fact in “advanced discussions” with Providence Equity Partners and WPP to become owned total in a 365p per impart present.

The bid is a 33pc premium to Chime’s closing price of 274.5p on Wednesday.

Lord Coe is a director at Chime and executive chairman of CSM Sport & Entertainment, the business’ sports and entertainment division.

The London-based company, which was founded by Margaret Thatcher’s former PR guru Lord Bell, confirmed that an “independent committee of the board of Chime has been convened who are engaged in discussions with the consortium”. According to recent reports in the media, the UK advertising giant and US buyout group Providence Equity Partners are mulling making an offer for Chime that could be worth more than £350 million.

Chime announced pre-tax profits of £30.1m for 2014, up 6 per cent on the previous year.