May 2, 1989 |
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."
May 12, 1989 |
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.
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.
May 1, 1989 |
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.
February 6, 1988 |
The giant advertising firm that has had just three leaders since it was founded 40 years ago by British advertising legend David Ogilvy, has named its fourth. William E. Phillips, 58, plans to step down as chairman and chief executive of Ogilvy Group Inc. in May. Kenneth Roman, 57, who has been chairman of Ogilvy Group's largest operating company, will succeed Phillips in both posts. Roman will continue as chairman of Ogilvy & Mather.