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Asatsu-DK says WPP agrees to terminate business alliance

TOKYO, Nov 2 (Reuters) - Japanese advertising agency Asatsu-DK Inc said on Thursday that WPP, its largest shareholder, has agreed to terminate its business alliance with the company.

The decision comes amid a $1.35 billion offer to buy Asatsu-DK from U.S. private equity firm Bain Capital. WPP and other Asatsu-DK shareholders have said the Bain offer significantly undervalues the Japanese company.

Asatsu-DK said last month it wanted to end its alliance with WPP and had asked it to tender its shares in the company to Bain.

(Reporting by Junko Fujita; Editing by Edwina Gibbs)