WPP’s former CEO Martin Sorrell says he and Warren Buffett discussed Berkshire Hathaway takeover of WPP in 2012
03 NOV 2018
WPP’s [LON:WPP] former CEO Martin Sorrell says he and Warren Buffett discussed a takeover of the FTSE-100 advertising agency by Buffett’s investment vehicle Berkshire Hathaway in 2012, The Times reported. The report quoted Sorrell, who said that Buffett, in a “brief conversation,” had offered 925p per share for WPP.
Sorrell said Buffett had been “really interested” in acquiring WPP. However, the talks came to nothing as Sorrell and Buffett could not agree on a valuation, the item said.
WPP’s share price closed 20.8p up at 913.8p in London on Friday, 2 November, giving the company a market capitalisation of GBP 11.53bn (EUR 13.13bn).
Background:
A Daily Telegraph report on 25 October said WPP had hired the investment bank Goldman Sachs to advise on a sale of its Kantar market research arm. The report did not cite a source for the information.
A Wall Street Journal report on 25 October also said WPP was looking for a buyer for Kantar, citing people familiar with the matter for the information.
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