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NEW YORK WPP Group and Grey Global Group have been sued by a Grey shareholder who claims the pending merger of the two reduces compensation for Grey shareholders, according to a court filing.
David B. Shaev filed a complaint in Delaware Chancery Court on Dec. 17 against directors of both companies, alleging that the $1.5 billion sale of Grey to WPP damages shareholders because Ed Meyer, Grey Global’s CEO, stands to make some $350 million on the deal.
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