Omnicom and AMV finally sign merger contract for #346m
By JOHN TYLEE, campaignlive.co.uk, Friday, 18 December 1998 12:00AM
The Abbott Mead Vickers group has ended 13 years as a public company with its absorption into the Omnicom empire in a #346 million deal.
The Abbott Mead Vickers group has ended 13 years as a public
company with its absorption into the Omnicom empire in a #346 million
The agreement, which has been expected for some weeks (Campaign, 4
December), leaves the founders of the UK’s largest agency holding shares
valued at more than #7 million. It also culminates a seven-year
association with Omnicom, which has been a substantial minority
shareholder in AMV via its BBDO subsidiary.
Peter Mead, the AMV executive chairman whose stake is valued at about
#3.1 million, said: ’The opportunities for closer relationships between
our marketing services companies and those of Omnicom are obvious.
Omnicom and BBDO share many of the principles which have been at the
heart of our organisation since its inception.’
Along with Mead, the other major personal beneficiaries of the deal are
Adrian Vickers, the deputy chairman, whose shares will be worth about #4
million, and Michael Baulk, the chief executive, who will get about #1
million worth of shares. David Abbott, who retired as agency chairman in
October, no longer has a stake in the business.
The takeover - described by John Wren, Omnicom’s chief executive, as a
’major strategic initiative in Europe’ - will not lead to changes at the
top of AMV, which will continue to be run by its current senior
Wren said: ’We look forward to generating substantial benefits through
the combination of our respective creative talents.’
This article was first published on campaignlive.co.uk
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