True North's Chrysler loss raises acquisition question; No suitor comes forward, but matchmaking continues.(Brief Article)

Advertising Age, November, 2000 by MacArthur, Kate

No suitor emerged immediately for True North Communications in the aftermath of the shop losing its bid for the $2.4 billion Chrysler Group account consolidation.

In fact, some analysts disputed that the exit of the Chrysler business from TN's FCB Worldwide, which accounts for 25% of the holding company's profits, puts TN into play. "True North is not automatically attractive just because they lost their biggest account," asserted Jim Dougherty, analyst for Prudential Securities. "I just don't buy it."

True North Chairman-CEO David Bell, however, left the acquisition door open last week during a conference call with analysts. "We continue to say this management team is open to strategic opportunities if it fits our client needs and shareholder value,"...

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