-Internal opposition at Young & Rubicam Inc against WPP's bid to acquire it in a friendly take-over is understood to be growing, according to reports in the Financial Times.
The paper reported that executives at the US advertising and marketing services network are attempting to fend off a WPP take-over and are looking at alternative offers.
Tom Bell, Y&R chief operating officer, and some other Y&R executives are thought to favour a merger or joint venture with an undisclosed company in a related industry.
A successful take-over bid by WPP would create the largest advertising and marketing services company in the world. The current WPP bid on the table values Y&R substantially above its current $3 billion market capitalisation.
The deal is described by the paper as "pretty concrete", and would give Y&R sufficient scale to avoid future unwanted take-over approaches.
Y&R's shares price fell on the news that Citigroup was reviewing its advertising account currently handled by Y&R.