French advertising group, Havas, has said its board of directors has given the green light to move forward with a bid to purchase US rivals, Grey Global Group.
Havas’ bid, which will be joined by offers from UK advertising giants, WPP and private equity firm, Hellman & Friedman, will have to be submitted before today’s deadline of 3.00 pm New York time.
According to a report on AdWeek, Havas is believed to be offering $1.45 billion for Grey, compared to WPP who are reported to be offering $1.3 billion and are tipped as the front runners in the acquisition race (see WPP Prepares Bidding Offer For Grey). While, Hellman & Friedman are said to be offering about $1 billion.
It was previously thought that Havas, the smallest of the advertising groups, would be stretched by the purchase of Grey and was therefore not considered as a front-runner for the take-over.
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