British advertising company WPP has offered to pay more than $1.25 billion for advertising firm Grey Global Group, the Wall Street Journalsaid today.
WPP's offer for Grey Global's equity - but not its debt, involves cash and stock - is valued at more than $900 per share, the newspaper said, citing a source familiar with teh matter. WPP is the world's second-largest advertising company.
Hellman & Friedman, a San Francisco-based private equity firm, has also submitted a bid for New York-based Grey Global, the newspaper said. France's Havas, the sixth largest advertising company, has also submitted a bid.
Grey Global, the seventh largest advertising firm, in July hired two investment banks to explore a sale of the entire firm, which has a market value of about $1.3 billion.
Industry sources have said a decision on a sale might be made within one week.