Yes this is a shit sandwich that the CEO is trying to forcefeed...

Yes this is a shit sandwich that the CEO is trying to forcefeed shareholders, clearly he was paid off with the idea of running a larger business and boring things like fiduciary duty to shareholders comes a distant second.
I hate valuing on 1 years earnings, it tells very little. However after management fee the 50m EBIT of WPP looks pretty sad next to the 73m EBIT of SGN.
Then there is a 200m loan to WPP with undisclosed terms. Absolutely a terrible deal will the large shareholders fight it is my question. Either way shareholders are going to pay for merger costs in the coming year's earnings.
I have too many of these battles on my hands at the moment - as Ben Graham said "the most docile and apathetic animal in captivity is the typical american stockholder".
It gets depressing trying to mobilise people, my stake in this one is too small for me to do so really.