Britain's WPP Group Plc has offered to pay more than $1.25 billion for advertising firm Grey Global Group, the Wall Street Journal said on Thursday, citing an unidentified person familiar with the matter.
WPP's offer for Grey Global's equity, but not its debt, involves cash and stock, and is valued at more than $900 per share, the newspaper said, citing the person. WPP is the world's second largest advertising company.
Hellman & Friedman, a San Francisco-based private equity firm, has also submitted a bid for New York-based Grey Global, the newspaper said, citing unnamed people familiar with the matter. France's Havas, the sixth largest advertising company, has submitted a bid too.
Grey Global, the seventh largest advertising firm, in July hired two investment banks to explore a sale of the entire firm, which has a market value of about $1.3 billion.
Industry sources have said a decision on a sale might be made within one week.