Advertising Industry
Industry: Email Alert RSS FeedGrey shareholders see gains, but risk of loss still threatens; Stock owners ' fortunes are tied to WPP's price.(News)
Advertising Age, October, 2004 by Johnson, Bradley
Byline: BRADLEY JOHNSON
WPP Group hasn't completed its takeover of Grey Global Group, but the deal already is paying dividends for Grey shareholders.
WPP announced Sept. 13 it would buy Grey in a deal initially valued at $1,005 per share, half in cash and half in WPP stock. The number of WPP shares offered in the exchange is fixed, so Grey investors won't know the final value of the deal until the day it closes in December or January.
WPP's stock has edged up since mid-September, increasing the value of its offer as of Oct. 22 to about $1,034 a share, according to Advertising Age's analysis. WPP's offer, initially worth about $1.52 billion, last week had a value of $1.56 billion.
The share price of Grey, the No. 7 agency holding...
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