Ogilvy Response to Takeover Bid Boosts Stock $16
- Share via
NEW YORK — 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.
Ogilvy, the New York-based parent company of Ogilvy & Mather Worldwide, said Sunday that the offer by WPP Group PLC was unsolicited and that the company wanted to remain independent.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
