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Indiantelevision.com's Media, Advertising & Marketing Watch
Grey Global shareholder sues company to halt WPP takeover
Indiantelevision.com Team
(22 December 2004 2:00 pm)
MUMBAI: One of the shareholders of the Grey Global Group - David Shaev - has sued the ad agency and has asked a judge to halt a planned $1.52 billion takeover by the WPP Group that would give more than $50 million to Grey CEO Edward H Meyer.
Sir Martin Sorell owned WPP, which is the world's second-largest advertising company after the Omnicom Group, had announced in September this year that it was buying Grey. The European Commission is in the process of reviewing the combination.
According to a media report, Shaev said in a lawsuit filed on 17 December in the Delaware Chancery Court that the sale was unfair because Meyer would get $86.9 million if the company was sold this year, and $54.5 million if the sale closed in 2005, thus reducing the amount public shareholders might receive.

The media report added that WPP said it would buy Grey for $1,005 a share, half in cash and half in stock, to narrow the gap with Omnicom as the advertising industry recovers from a slump that began in 2000.


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