Grey Shareholder Sues To Block WPP Deal

  • December 21, 2004
Grey Global Group shareholder David Shaev has filed a suit to block WPP's $1.52 billion acquisition off the company, reports Bloomberg. The suit, which alleges the sale is unfair and timed to divert more of the proceeds to Grey CEO Edward Meyer, is the second significant challenge to the deal, which as already been delayed once. The European Commission also is reviewing implications of the merger. Grey owns MediaCom Worldwide, which would become part of WPP's Group M media operations after the merger.
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