Grey Calls Shareholders Meeting for WPP Vote

NEW YORK Grey Global Group said it has scheduled a shareholders meeting on March 3 for a vote on its proposed acquisition by WPP Group.

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.

Expected to close sometime this quarter, the union brings Procter & Gamble, Grey’s largest client, into the same holding company as Unilever, which is handled by WPP’s Ogilvy, JWT and Young & Rubicam.

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