Omnicom Sold on Pounds 346m Deal for Abbot Mead Vickers

The Birmingham Post (England), December 12, 1998 | Go to article overview

Omnicom Sold on Pounds 346m Deal for Abbot Mead Vickers


Abbot Mead Vickers, the advertising agency behind campaigns for Yellow Pages, Volvo and J Sainsbury yesterday announced it had accepted a pounds 346 million offer from US group Omnicom.

The deal, which could net co-founder Mr Peter Mead around pounds 3 million from his personal holding, will value each AMV share at 448p - 24 per cent more than the company's closing price before talks were announced.

Omnicom is the largest advertising and marketing services provider in the world with a stock market value of pounds 5.6 billion, compared with AMV's pounds 316 million.

It has been a shareholder in AMV since 1991 and has often looked at taking a bigger stake in the group.

AMV has also worked closely with Omnicom's BBDO Worldwide advertising network in the UK.

Mr John Wren, president and chief executive of Omnicom, said: "This is a major strategic initiative for Omnicom in Europe. AMV has been one of the most highly regarded agency groups in the UK for many years. …

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