Ogilvy Opens Takeover Talks With WPP
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NEW YORK — Ogilvy Group Inc. today said that it has begun talks with Britain’s WPP Group PLC, which has made a $50-a-share takeover offer for the American advertising company and has indicated its willingness to increase the bid.
Ogilvy said there is no guarantee that the discussions will produce an agreement on WPP acquiring Ogilvy, the world’s fifth-largest advertising concern based on 1988 billings.
Takeover speculators on Wall Street have expected WPP to make a more generous offer. WPP’s current offer values Ogilvy at about $750 million.
Arbitragers earlier this week pushed Ogilvy’s stock $2 above the latest WPP bid.
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