Tihama says ownership transfer period for J Walter-Wunderman merger extended to Dec. 31

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Tihama Advertising and Public Relations Co. said that partners agreed on the extension of the period to complete the transfer of legal ownership and all other required regulatory approvals for the merger of J Walter Thompson MENA (an associate of Tihama) with Wunderman MENA to Dec. 31, 2022.

The deal completion date and delay costs cannot be currently determined, Tihama said in a statement to Tadawul, adding that the financial impact will be announced later, if any, along with any other material updates.

In June 2021, Tihama signed an agreement with WPP plc on the merger of J Walter Thompson MENA with Wunderman MENA, Argaam reported.

Tihama will hold 25% of Wunderman Thompson after completing the transfer of legal ownership and other required regulatory approvals. Tihama's stake in Wunderman Thompson’s financial results will be recognized as an associate in the financial statements.

Tihama added both agreements were subject to completion of the legal ownership transfer and other regulatory approvals by Dec. 31, 2021. This period was extended last January to June 30, 2022. It was extended again in July until Sept. 30 and in October until Oct. 31.