PRESS: WPP draws takeover interest as FTSE 100 exit loom
WPP PLC has attracted takeover interest after a steep slide in its market value left the advertising group on the brink of ejection from the FTSE 100, the Sunday Times reported.
According to the report, French rival Havas NV, owned by the family of billionaire Vincent Bollore, has held discussions about WPP and its assets. Senior City sources also told the newspaper that private equity firms Apollo and KKR have examined parts of the business.
The Sunday Times said it is unclear whether any formal bids will emerge. Potential suitors may consider an offer for the entire company, a significant minority stake, or select assets.
One industry source suggested to the newspaper that Havas could be interested in WPP Media, its large media-buying arm.
WPP has endured a difficult year amid weak advertising markets, heightened competition and restructuring under new Chief Executive Cindy Rose, who took over in September.
WPP has a market capitalisation of £3.24 billion, with shares down 64% over the past 12 months. The stock closed on Friday at 288.30 pence, far below its February 2017 peak of 1,875.00 pence.
Shares in WPP rose 3.8% to 299.10 pence in London on Monday morning.
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