Grey Shareholders Greenlight Sale to WPP

07 March 2005

Not that there was ever any doubt as to the outcome - given the enthusiasm of Grey Global Group's controlling shareholder Ed Meyer - but investors in the New York-headquartered global agency network last week overwhelmingly approved its sale to London's WPP Group.

The $1.7 billion (€1.28bn; £883.4m) cash and shares deal, which will see Grey chairman/ceo Meyer personally the wealthier by $473 million, was nicely sweetened for Grey investors by the recent rise in WPP's share price.

The acquisition of Grey which is expected to complete today (Monday) will add the world's seventh largest agency network to WPP's portfolio - a useful boost but insufficient to propel it past Omnicom to the top of the planet's advertising heap.

Data sourced from New York Times; additional content by WARC staff