Business Services Industry
Marketing giants WPP, Publicis in hunt for New York-based Grey Global.
Knight Ridder/Tribune Business News, July, 2004
By Jessica Hodgson, Sunday Business, London Knight Ridder/Tribune Business News
Jul. 4--The potential sale of the last major independent global advertising agency, New York-based Grey Global, is expected to attract bids of up to $1.2 billion ([pounds sterling]660 million, E984 million), raising the prospect of a protracted bidding war between ad giants WPP Group and Publicis.
WPP, headed by advertising guru Sir Martin Sorrell, and French group Publicis, are both believed to have signed non-disclosure agreements in response to contact from Grey.
The interest follows the news that Grey's chairman and chief executive, 77-year old Ed Meyer, is prepared to relax his hold over the company. Meyer owns 18 percent of the common stock and 59...
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