MINNEAPOLIS – Fallon McElligott chairman Pat Fallon last week confirmed longtime industry speculation the agency wants to buy itself back from parent Scali, McCabe, Sloves/N.Y. but insisted negotiations remain very preliminary. ‘We would like to buy ourselves back,’ Fallon said. ‘We have started talking about it, but the details on financing are what you would call nascent.’ Industry sources last week had said a buyback announcement could come as early as this month and that the financing plan was in place. ‘It’s absolutely not true,’ Fallon said. ‘We are in the very, very early stages of talking about it, but the discussions about how to finance it have not even taken place.’ Scali, McCabe, Sloves purchased its stake in Fallon McElligott in 1986 when the agency was growing swiftly.
Copyright Adweek L.P. (1993)
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