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new york As Wednesday’s bidding deadline for Grey Global Group nears, serious offers are expected to come from WPP Group, Havas and San Francisco-based private equity firm Hellman & Friedman, which has previously bought stakes in Young & Rubicam and Digitas, sources said.
Havas, which most recently has been linked with private equity partners such as New York-based Quadrangle, ended up securing $1.2 billion in financing from Deutsche Bank and Societe Generale Group. The cash-strapped French holding company is also expected to raise $603 million to pay off the $682 million in convertible bonds due in 2006, which would have further stretched Havas’ finances.
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