On Sept. 13, WPP announced it would buy Grey for $1,005 a share or $1.52 billion. According to AdAge, Grey Global Group will now pay its chairman-CEO, Ed Meyer, as much as $87 million cash when WPP Group buys Grey. And Mr. Meyer gets to keep his job. The cash payments don’t include Mr. Meyer’s Grey stock and stock options, worth about $351 million based on this morning’s valuation.
That’s $438 million for the pinstriped guy in the corner suite. I’ve always held that advertising is a great place to learn the art of the deal
Amazing, considering Grey always turned out a product that matched it’s name.