The World: Sydney - Omnicom bids $80m for The Communications Group
Omnicom has made an early bid of AUS$80 million for the
Australian network The Communications Group through its Australian
agency Clemenger BBDO.
The bid consists of $50 million for the company and $30
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million to cover debts. However, analysts value TCG at closer to $120 million.
Pacific Equity Partners, which owns 55 per cent of TCG, announced it
would accept offers for its share last month.
WPP, which already owns 30 per cent of the company, also made an early
bid last week to ensure that it could stay in the bidding process.
TCG is comprised of 11 companies, including George Patterson Partners,
Zenith Media, IdeaWorks and the outdoor company Media Puzzle.
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