Jwt Group Inc

In a change of heart, JWT Group Inc., parent of J. Walter Thompson, the fourth largest U.S. advertising agency, today agreed to a sweetened $566-million takeover by Britain's WPP Group PLC after having spurned its early advances. Under the agreement, marketing services company WPP will pay JWT stockholders $55.50 for each share in the Madison Avenue firm, an increase of more than $10 a share over the London firm's first offer made earlier this month.

Carrows restaurants in Irvine has hired a San Francisco advertising agency to help the struggling chain update its image. The agency, JWT West, already handles campaigns for Carrows' sister chain, Coco's. The agency replaces the Los Angeles firm of Kovel/Fuller, which handled Carrows business for the last three years. JWT's first advertising efforts for Carrows are expected to begin appearing by early April. Previously, the agency has handled campaigns for such chains as Burger King and Denny's.

WPP Group extended a $50.50 a share bid for the parent of J. Walter Thompson advertising agency until June 22 while negotiations continue. Separately, JWT disclosed that a shareholder has filed a class-action suit against it in Delaware Chancery Court. The suit alleges that several JWT directors did not act in the shareholders' interests when they stated that JWT, its ad agency and its Hill & Knowlton unit were not for sale.

Coco's restaurants has hired a San Francisco-based advertising agency to help the 50-year-old Irvine chain update its image and reverse a three-year trend of flat or declining sales. JWT West, which has handled campaigns for such chains as Burger King and Denny's, is expected to roll out its first campaign for Coco's by early fall, said Larry Tolpin, the agency's chief executive.

London-based Trilateral Communications said it is weighing a bid for JWT, the parent of the J. Walter Thompson advertising agency and the Hill & Knowlton public relations firm. Trilateral said three high-ranking JWT executives approached it about buying the New York-based firm. Meanwhile, JWT told WPP Group, another British suitor, that it would provide it with confidential information under certain conditions. WPP has offered $50.50 a share for the firm.

The parent of J. Walter Thompson advertising agency met with WPP Group to discuss the London-based marketing firm's $50.50-a-share merger offer for JWT. A WPP spokesman said the discussions will continue. Salomon Bros., the New York investment firm, and MCA Inc., the Los Angeles entertainment company, were also said to have held discussions with JWT's investment bankers, Morgan Stanley. New York-based JWT is also the parent of Hill & Knowlton public relations firm.

The auto maker said it will reassign advertising for nine of its European affiliates to Ogilvy Group Inc. and for Ford's Canadian division advertising to Young & Rubicam Inc. This marks the first client defection since London-based WPP Group PLC agreed to acquire JWT Group last week. The 10 Ford accounts are believed to represent nearly one-third of Ford's estimated $350-million account with the J. Walter Thompson advertising agency, a division of JWT.

A firm half owned by Los Angeles entertainment giant MCA said Monday that it has purchased nearly 5% of the embattled parent of the J. Walter Thompson advertising agency. Quantum Media, a New York media and advertising firm, owns 4.7% of the JWT Group. Robert Pittman, Quantum Media's chief executive, wouldn't discuss the firm's JWT holdings. Quantum Media was formed by MCA and Pittman last fall to make media- and entertainment-related acquisitions and ventures.

The British marketing services firm that launched a hostile bid for the parent of J. Walter Thompson advertising agency said Monday that it would raise its bid by more than $50 million if a merger agreement with JWT Group is reached by Wednesday. The London-based WPP Group said it was prepared to raise its $45-a-share bid to $50.50 a share to "bring about an immediate acceptance of our proposal and to put this extended period of instability behind JWT as quickly as possible."

The parent of the embattled J. Walter Thompson advertising agency said Wednesday that its directors will meet either today or Friday to consider "one or more" takeover proposals. The announcement by JWT Group came after one unhappy suitor, London-based WPP Group, made good on its threat to launch a campaign to replace JWT's 11 directors with six WPP nominees, reducing the size of the board. WPP told the Securities and Exchange Commission that it was making the move "since the company's board . .

The client drain continued at troubled JWT Group as Chevron U.S.A. said Monday that it will pull its estimated $10-million Chevron brand gasoline account from the J. Walter Thompson advertising agency. Chevron is the second major client to remove at least some of its advertising from the agency since the British marketing firm WPP Group agreed to purchase JWT two weeks ago. Last week, Ford Motor yanked much of its overseas advertising--valued at up to $140 million--away from Thompson.

The auto maker said it will reassign advertising for nine of its European affiliates to Ogilvy Group Inc. and for Ford's Canadian division advertising to Young & Rubicam Inc. This marks the first client defection since London-based WPP Group PLC agreed to acquire JWT Group last week. The 10 Ford accounts are believed to represent nearly one-third of Ford's estimated $350-million account with the J. Walter Thompson advertising agency, a division of JWT.

JWT Group, parent of the nation's fourth-largest and perhaps best-known advertising agency, agreed Friday to a sweetened $566-million takeover offer by a British marketing firm after an internally turbulent six months plus weeks of takeover efforts.

In a change of heart, JWT Group Inc., parent of J. Walter Thompson, the fourth largest U.S. advertising agency, today agreed to a sweetened $566-million takeover by Britain's WPP Group PLC after having spurned its early advances. Under the agreement, marketing services company WPP will pay JWT stockholders $55.50 for each share in the Madison Avenue firm, an increase of more than $10 a share over the London firm's first offer made earlier this month.

The parent of the embattled J. Walter Thompson advertising agency said Wednesday that its directors will meet either today or Friday to consider "one or more" takeover proposals. The announcement by JWT Group came after one unhappy suitor, London-based WPP Group, made good on its threat to launch a campaign to replace JWT's 11 directors with six WPP nominees, reducing the size of the board. WPP told the Securities and Exchange Commission that it was making the move "since the company's board . .

London-based Trilateral Communications said it is weighing a bid for JWT, the parent of the J. Walter Thompson advertising agency and the Hill & Knowlton public relations firm. Trilateral said three high-ranking JWT executives approached it about buying the New York-based firm. Meanwhile, JWT told WPP Group, another British suitor, that it would provide it with confidential information under certain conditions. WPP has offered $50.50 a share for the firm.

Coco's restaurants has hired a San Francisco-based advertising agency to help the 50-year-old Irvine chain update its image and reverse a three-year trend of flat or declining sales. JWT West, which has handled campaigns for such chains as Burger King and Denny's, is expected to roll out its first campaign for Coco's by early fall, said Larry Tolpin, the agency's chief executive.

The parent of the troubled J. Walter Thompson advertising agency Wednesday rejected a $45-a-share bid from a British marketing services firm, but agreed to enter discussions with WPP Group, beginning today. Until now, JWT Group has resisted WPP's overtures. Industry analysts expected today's talks to lead to a merger between London-based WPP and JWT, also the parent of the Hill & Knowlton public relations firm. "JWT will go to WPP," predicted James D.

A firm half owned by Los Angeles entertainment giant MCA said Monday that it has purchased nearly 5% of the embattled parent of the J. Walter Thompson advertising agency. Quantum Media, a New York media and advertising firm, owns 4.7% of the JWT Group. Robert Pittman, Quantum Media's chief executive, wouldn't discuss the firm's JWT holdings. Quantum Media was formed by MCA and Pittman last fall to make media- and entertainment-related acquisitions and ventures.

WPP Group extended a $50.50 a share bid for the parent of J. Walter Thompson advertising agency until June 22 while negotiations continue. Separately, JWT disclosed that a shareholder has filed a class-action suit against it in Delaware Chancery Court. The suit alleges that several JWT directors did not act in the shareholders' interests when they stated that JWT, its ad agency and its Hill & Knowlton unit were not for sale.