Dentsu’s efforts to sell off international assets over the past nine months have essentially failed, according to a report by the Financial Times of London late Tuesday. 

Dentsu shares fell 10% on the news Wednesday. 

The paper reported that investor group Apollo had considered a possible deal, but has decided to bow out while Bain Capital is also now considered “unlikely” to strike any deal with Dentsu. 

The paper also reported that nothing has come of speculation that rival holdcos are interested in buying parts of the international business. 

The Times, citing undisclosed sources, said that Dentsu CEO Hiroshi Igarashi had informed board members that the sales process has “fallen apart,” leaving the company with no alternative but to try to get its operations back on track by itself. 

The paper also speculated that Igarashi may face a no confidence vote at the company’s upcoming annual shareholder meeting in March. 

Marketing advisory firm Madison & Wall commented that a “fresh pair of eyes” would be a benefit.

But more broadly, the firm suggested Dentsu might also benefit from a return to a “semi-independent status” for the international business versus the “One Dentsu” approach adopted a few years back when top management in Tokyo began exerting tighter control over how the international operations were run. 

“Allow Dentsu to organize itself as it sees fit outside of Japan with management rooted in either of the world’s three main magnets for global agency talent (New York, London or Paris) rather than Tokyo, which remains isolated from the rest of the agency world on many dimensions,” the advisory firm stated. “Attracting the right senior talent is critical, because without them, clients won’t stay or join and then more junior talent will continue to feel pressure to leave.” 

Dentsu issued a statement after the FT story ran. “The Company remains fully committed to rebuilding the international business,” the company said in the statement. 

The firm added that it is “making steady progress on rebuilding its business foundation and reevaluating underperforming businesses. At the same time, the Company is actively exploring strategic alternatives, including comprehensive and strategic partnerships, to support clients’ continued growth while advancing initiatives aimed at enhancing corporate value.” 

For the first nine months of the year, Dentu reported organic revenue growth of 0.3% driven by nearly 10% growth in Japan.

The company projects that full-year organic revenue will be flat.