Ogilvy Response to Takeover Bid Boosts Stock $16
From Times Wire Services
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.
