Omnicom Moves In On AMV With £350m Offer

Ad agency, Abbott Mead Vickers (AMV) has confirmed that it is in discussions with US advertising giant, Omnicom, and is preparing to accept a £350 million takeover bid. Omnicom already holds a 27.7% stake in AMV’s ordinary share capital and if this deal goes through it will take control of all the remaining shares.

AMV decided to make the statement today after its share prices had rocketed on the back of speculation: AMV stock closed yesterday up 35p on Friday’s closing price. At 3:38pm today, AMV shares stood at 408˝p, up 13.5% on today’s opening price of 364p.

In January this year, Omnicom bought London agency GGT for £143 million (see Omnicom Buys GGT For £143m) and it also owns BDDO, TBWA, DDB Needham and recently bought below-the-line agency, Claydon-Heeley (see Omnicom Buys Claydon Heeley International).

AMV, which also owns London-based planning and buying agency, New PHD, would only describe the discussions as preliminary this afternoon.

AMV BBDO: 0171 616 3500