Another bidder has emerged for US advertising group, Grey Global, as reports suggest that the firm is keen to tie-up firm offers by early September.
According to Reuters, Providence Equity Partners is considering making a bid for Grey, emerging as the third private equity firm, along with Blackstone Group and Hellman & Friedman, to show an interest in the New York based group.
UK advertising giant WPP and French based Havas have both previously expressed an interest in Grey and it is believed that WPP’s chief executive, Sir Martin Sorrell, wants to study the group’s accounts before committing to a bid.
Havas’ chairman, Alain de Pouzilhac said, he has secured financial backing for his offer although previously it was thought that the group, which is the smallest of the advertising companies, would be stretched by the purchase of Grey (see Havas Chairman Confirms Interest In Bidding For Grey).
According to reports, Grey chairman and chief executive, Ed Myer, could be in a for a $34 million cash payout if he succeeds in selling the advertising group for $1.3 billion (see ITV/Channel 4 Digital Bid May Have The Edge, Says Merrill Lynch).
Providence Equity Partners is based in Rhode Island and is a private investment firm specialising in equity investments in communications and media companies.
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