Omnicom announced today that it has made an agreed offer of £143 million for GGT, a price which disappointed many in the City.
Omnicom was able to buy the agency at such a knock-down price due to the fact that GGT’s share price had plummeted on last week’s news that it had lost Proctor & Gamble’s substantial business (subscribers see GGT Rocked By P&G Loss).
US-based Omnicom currently owns or has stakes in a number of UK agencies, including New PHD, BMP Optimum and Griffin Bacal. GGT also owns French agency BDDP, which it bought for £105m in 1996 (subscribers see GGT Buys French Agency).
The news boosted GGT’s flagging share price: at 1:57pm today it stood at 200p, up 26.5p.
GGT: 0171 437 0434
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