June 22, 1987
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.
June 25, 1987 |
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 . .
June 24, 1987
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.
June 19, 1987
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.
July 3, 1987
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.
June 23, 1987 |
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.