WPP ( WPP ) was edging higher pre-market Tuesday after sources cited by Sky News said the company has placed an offer for Dutch-based digital creative agency MediaMonks, putting it in a bidding war against S4 Capital, the investment vehicle created by Sir Martin Sorrell.
The involvement of S4 Capital in the EUR300 million auction ($349 million) was previously reported by the Financial Times but WPP's simultaneous participation in the bidding process was not previously been disclosed.
Speaking to an audience at the Cannes Lions advertising festival last month, Sorrell said S4 Capital would not be in direct competition with his former employer. Sorrell continues to be a significant shareholder in WPP.
London-based advisory firm Clarity Corporate Finance oversees the auction, which has also drawn interest from Accenture ( ACN ), private equity firm Inflexion as well as MDC Partners ( MDCA ), the report said.
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