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BUSINESS
June 6, 1989
Kidder, Peabody & Co. has named B. J. Megargel, 35, managing director and head of mergers and acquisitions. Megargel has been managing director and head of international M&A for Shearson Lehman Hutton. At Shearson, Megargel worked on a broad array of transactions, including the sale of Ogilvy Group to WPP Group, Black & Decker's acquisition of Emhart, RJR Nabisco's proposed management-led buyout, Wagner & Brown's attempted acquisition of Gencorp and Maytag's acquisition of Magic Chef.
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BUSINESS
June 6, 1989
Kidder, Peabody & Co. has named B. J. Megargel, 35, managing director and head of mergers and acquisitions. Megargel has been managing director and head of international M&A for Shearson Lehman Hutton. At Shearson, Megargel worked on a broad array of transactions, including the sale of Ogilvy Group to WPP Group, Black & Decker's acquisition of Emhart, RJR Nabisco's proposed management-led buyout, Wagner & Brown's attempted acquisition of Gencorp and Maytag's acquisition of Magic Chef.
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BUSINESS
May 13, 1989 | BRUCE HOROVITZ, Times Staff Writer
After shunning its eager British suitor for more than a week, the Ogilvy Group confirmed Friday that it had finally begun talks with WPP Group. The breakthrough came after the marketing giant said it was prepared to increase its $800-million bid for the parent of advertising agency Ogilvy & Mather. Ogilvy executives--who have steadfastly insisted that they want the agency to remain independent--still say the talks may not produce an agreement. But industry analysts now speculate that Ogilvy's management may reluctantly approve an offer of $860 million to $900 million for the agency--perhaps as early as Monday.
BUSINESS
May 12, 1989 | From Associated Press
Ogilvy Group Inc. today said that it has begun talks with Britain's WPP Group PLC, which has made a $50-a-share takeover offer for the American advertising company and has indicated its willingness to increase the bid. Ogilvy said there is no guarantee that the discussions will produce an agreement on WPP acquiring Ogilvy, the world's fifth-largest advertising concern based on 1988 billings. Takeover speculators on Wall Street have expected WPP to make a more generous offer.
BUSINESS
May 8, 1989
Report Says WPP May Raise Ogilvy Bid: WPP Group, the British advertising agency, has told Ogilvy Group Inc. that it is willing to raise its $725-million offer for the U.S. ad agency, Wall Street sources said. Reuters reported that the sources said WPP has informed Ogilvy, parent of Ogilvy & Mather, that it might raise its offer to as high as $50 a share, or more than $800 million, from $45 a share. Officials for WPP in London and for Ogilvy in New York could not be reached immediately for comment.
BUSINESS
May 1, 1989 | From Times Wire Services
The price of Ogilvy Group Inc. stock soared $16 a share in early trading on Wall Street today after the U.S. advertising company gave a cool response to a $725-million takeover offer from Britain's WPP Group PLC. The combination of the two would create an advertising giant second only to London-based Saatchi & Saatchi PLC among world advertising companies. (Story, Part IV, Page 1.) The strong trading on Wall Street indicated a belief that a higher offer will emerge for Ogilvy.
BUSINESS
May 3, 1989 | BRUCE HOROVITZ, Times Staff Writer
Amid rumors of possible "white knights" rescuing the Ogilvy Group from its unwanted British suitor, WPP Group, Ogilvy's stock was the most heavily traded over the counter Tuesday. Ogilvy closed up 62.5 cents at $49.75 a share, with more than 3 million shares trading hands. Some executives and analysts speculated that Ogilvy might escape WPP by merging with another American advertising holding company--such as the giant Omnicom Group or the Interpublic Group of Companies. Said one top New York ad executive who asked not to be named: "Give it time.
BUSINESS
May 9, 1989 | BRUCE HOROVITZ, Times Staff Writer
Membership has its privileges, but maybe ownership has more. Even as the British marketing firm WPP Group raised its offer for Ogilvy Group to about $800 million Monday, word also surfaced on Wall Street that long-time client American Express may have talked with Ogilvy officials about buying the ad firm. Officials from Ogilvy and American Express refused to comment on that Monday. Ogilvy closed at $52 a share in over-the-counter trading Monday, up $2.125 from Friday's close. The new WPP offer, at $50 per share, was up from the previous $45 per share the company offered slightly more than one week ago. Ogilvy officials were not willing to comment on speculation from Wall Street analysts that American Express had shown interest in purchasing its ad agency of 17 years.
BUSINESS
May 4, 1989 | BRUCE HOROVITZ, Times Staff Writer
He was the Babe Ruth of advertising. The legend. The home run hitter. The guy who swung for the fences with every ad campaign. He placed that famous eye patch on the rugged Hathaway Shirt man. And 30 years ago he created a form of striking--but long-winded--print advertising that is still being mimicked today. Now, at 78, that man--David Ogilvy--is watching from afar as a stranger dabbles with his life's work. The giant U.S. advertising agency he built, Ogilvy & Mather, finds itself the target of a hostile takeover bid by a foreign firm.
BUSINESS
May 12, 1989 | From Associated Press
Ogilvy Group Inc. today said that it has begun talks with Britain's WPP Group PLC, which has made a $50-a-share takeover offer for the American advertising company and has indicated its willingness to increase the bid. Ogilvy said there is no guarantee that the discussions will produce an agreement on WPP acquiring Ogilvy, the world's fifth-largest advertising concern based on 1988 billings. Takeover speculators on Wall Street have expected WPP to make a more generous offer.
BUSINESS
May 9, 1989 | BRUCE HOROVITZ, Times Staff Writer
Membership has its privileges, but maybe ownership has more. Even as the British marketing firm WPP Group raised its offer for Ogilvy Group to about $800 million Monday, word also surfaced on Wall Street that long-time client American Express may have talked with Ogilvy officials about buying the ad firm. Officials from Ogilvy and American Express refused to comment on that Monday. Ogilvy closed at $52 a share in over-the-counter trading Monday, up $2.125 from Friday's close. The new WPP offer, at $50 per share, was up from the previous $45 per share the company offered slightly more than one week ago. Ogilvy officials were not willing to comment on speculation from Wall Street analysts that American Express had shown interest in purchasing its ad agency of 17 years.
BUSINESS
May 8, 1989
Report Says WPP May Raise Ogilvy Bid: WPP Group, the British advertising agency, has told Ogilvy Group Inc. that it is willing to raise its $725-million offer for the U.S. ad agency, Wall Street sources said. Reuters reported that the sources said WPP has informed Ogilvy, parent of Ogilvy & Mather, that it might raise its offer to as high as $50 a share, or more than $800 million, from $45 a share. Officials for WPP in London and for Ogilvy in New York could not be reached immediately for comment.
BUSINESS
May 4, 1989 | BRUCE HOROVITZ, Times Staff Writer
He was the Babe Ruth of advertising. The legend. The home run hitter. The guy who swung for the fences with every ad campaign. He placed that famous eye patch on the rugged Hathaway Shirt man. And 30 years ago he created a form of striking--but long-winded--print advertising that is still being mimicked today. Now, at 78, that man--David Ogilvy--is watching from afar as a stranger dabbles with his life's work. The giant U.S. advertising agency he built, Ogilvy & Mather, finds itself the target of a hostile takeover bid by a foreign firm.
BUSINESS
May 3, 1989 | BRUCE HOROVITZ, Times Staff Writer
Amid rumors of possible "white knights" rescuing the Ogilvy Group from its unwanted British suitor, WPP Group, Ogilvy's stock was the most heavily traded over the counter Tuesday. Ogilvy closed up 62.5 cents at $49.75 a share, with more than 3 million shares trading hands. Some executives and analysts speculated that Ogilvy might escape WPP by merging with another American advertising holding company--such as the giant Omnicom Group or the Interpublic Group of Companies. Said one top New York ad executive who asked not to be named: "Give it time.
BUSINESS
May 2, 1989 | BRUCE HOROVITZ, Times Staff Writer
Shares of Ogilvy Group jumped more than $17 Monday following an unsolicited $725-million bid for the New York advertising concern by the British firm WPP Group. If an acquisition eventually does take place--as many analysts predict it will--Ogilvy would join the growing list of major U.S. advertising agencies that have fallen into British hands. This despite a letter sent Sunday by Kenneth Roman, chairman and chief executive of Ogilvy, to WPP chief Martin S. Sorrell, which stated: "Ogilvy and WPP have fundamentally different strategies and goals."
BUSINESS
May 13, 1989 | BRUCE HOROVITZ, Times Staff Writer
After shunning its eager British suitor for more than a week, the Ogilvy Group confirmed Friday that it had finally begun talks with WPP Group. The breakthrough came after the marketing giant said it was prepared to increase its $800-million bid for the parent of advertising agency Ogilvy & Mather. Ogilvy executives--who have steadfastly insisted that they want the agency to remain independent--still say the talks may not produce an agreement. But industry analysts now speculate that Ogilvy's management may reluctantly approve an offer of $860 million to $900 million for the agency--perhaps as early as Monday.
BUSINESS
May 1, 1989 | KATHRYN HARRIS, Times Staff Writer
A long-rumored takeover bid for Ogilvy Group Inc. materialized Sunday with the announcement that Britain's WPP Group PLC has made a cash offer of about $720 million for the New York advertising company. Ogilvy greeted the bid frostily, declaring that the proposal "suffers from serious flaws in business logic." In a prepared statement, Ogilvy Chairman Kenneth Roman attacked the price, style and substance of the WPP offer by saying: "The boot strap character of WPP's approach is further underlined by the lack of committed financing even for what is obviously intended to be a starting price."
BUSINESS
May 1, 1989 | KATHRYN HARRIS, Times Staff Writer
A long-rumored takeover bid for Ogilvy Group Inc. materialized Sunday with the announcement that Britain's WPP Group PLC has made a cash offer of about $720 million for the New York advertising company. Ogilvy greeted the bid frostily, declaring that the proposal "suffers from serious flaws in business logic." In a prepared statement, Ogilvy Chairman Kenneth Roman attacked the price, style and substance of the WPP offer by saying: "The boot strap character of WPP's approach is further underlined by the lack of committed financing even for what is obviously intended to be a starting price."
BUSINESS
May 1, 1989 | From Times Wire Services
The price of Ogilvy Group Inc. stock soared $16 a share in early trading on Wall Street today after the U.S. advertising company gave a cool response to a $725-million takeover offer from Britain's WPP Group PLC. The combination of the two would create an advertising giant second only to London-based Saatchi & Saatchi PLC among world advertising companies. (Story, Part IV, Page 1.) The strong trading on Wall Street indicated a belief that a higher offer will emerge for Ogilvy.
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