Closing Date Set for WPP’s Acquisition of Grey Global

NEW YORK WPP Group’s acquisition of Grey Global Group is expected to close on March 7, four days after shareholders vote on the proposal, Grey Global said.

Grey shareholders who are eligible to vote (as determined at a Jan. 31 meeting) are invited to convene at 32 Old Slip in New York at 5 p.m. to decide how they wish to receive assets from the deal: in cash, WPP stock or a combination thereof.

Details of the impending union are contained in Grey Global Group’s proxy statement, which was mailed to shareholders on Feb. 2, the company said.

In September, London-based WPP agreed to acquire New York-based Grey in a deal valued at about $1.3 billion in cash and stock.

The union brings Procter & Gamble, Grey’s largest client, into the same holding company as Unilever, which is handled by WPP shops Ogilvy, JWT and Young & Rubicam.

Grey’s other clients include J.M. Smucker, Frontier Airlines, Nokia, GlaxoSmithKline, Novartis and BellSouth.