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Article: OMNICOM GROUP WANTS ALL OF U.K.'S ABBOTT MEAD VICKERS: AMV AGENCY TO REMAIN PART OF BBDO UNIT UNDER TERMS OF $600 MIL DEAL.
- Article from:
- Advertising Age
- Article date:
- November 30, 1998
- Author:
CopyrightCOPYRIGHT 1998 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Omnicom Group is in discussions to acquire full ownership of London- based marketing communications group Abbott Mead Vickers in a stock deal expected to be valued at nearly $600 million.
New York-based Omnicom's BBDO Worldwide already owns 27.7% of Abbott Mead; under the terms of the impending deal, the highly regarded agency AMV BBDO, London, would remain part of the BBDO network.
Abbott Mead and Omnicom made a joint announcement to the London Stock Exchange Nov. 26 about the discussions, sending Abbott Mead's share price up.
DEAL DONE BY YEAREND
An agreement, expected by yearend, will make multimillionaires of remaining founders ...