GGT accepts pounds 143m bid from Omnicom
GGT's New York agency, Wells BDDP, lost the P&G account last week, just a month after the departure of Paula Forman, chief operating officer of Wells BDDP, after a disagreement with the president Frank Assumma.
GGT paid pounds 96m for the BDDP business less than a year ago, and wrote off pounds 8m in reorganisation costs which wiped out the group profit in the year to 30 April. Losing the P&G account will knock pounds 80m off GGT's annual revenues and an estimated pounds 3m off its expected profit this year.
But GGT's misfortune was Omnicom's opportunity. Omnicom holds the account for P&G's main rival, Unilever, and would have had to sacrifice one or other of the accounts if it had acquired GGT before the P&G account was lost.
GGT shareholders will keep the 2.5p net dividend announced last week. The offer is 26.5p above the share price on Tuesday.
That's some guestlist! Stunning images show huge dynastic wedding between Ultra-Orthodox Jewish families which attracted 25,000 guests
'He was always smiling': Lee Rigby named as Woolwich victim
Heathrow airport reopens runways after British Airways plane 'on fire over central London' makes emergency landing
Two bailed after arrest over Twitter comments about Woolwich murder
Exclusive: Woolwich killings suspect Michael Adebolajo was inspired by cleric banned from UK after urging followers to behead enemies of Islam
- 1 Pope Francis: Being an atheist is alright as long as you do good
- 2 'He was always smiling': Lee Rigby named as Woolwich victim
- 3 'Something passed underneath us, quite close': Airbus A320 has close encounter with UFO
- 4 Lord of the Sings: Sir Christopher Lee, 91, to release heavy metal album
- 5 Two bailed after arrest over Twitter comments about Woolwich murder
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.