Last week, Grey called in Goldman Sachs and JP Morgan Chase to explore a sale, likely to value Grey at around $1.3 billion. The move could lead to another head-to-head battle between WPP and Publicis Groupe, after WPP beat the French holding company to deals for both Young & Rubicam and Cordiant.
However, US analysts have also suggested that private equity companies will be interested, and Omnicom's pockets would be deep enough to fund the acquisition.
The decision to consider selling was taken by Ed Meyer, Grey's 77-year-old chairman and chief executive, who has a controlling stake in the company's voting stock.
WPP's Unilever business would present a massive conflict with Grey's Procter & Gamble account and Publicis' decision to bid for Grey is likely to depend on P&G.
- Perspective, p23.
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