4th Jul 2018 15:12
PARIS (Alliance News) - Martin Sorrell, the former chief executive officer of WPP Group PLC, sent a letter to shareholders of his new venture seeking their approval to raise up to GBP1 billion to fund acquisitions.
Sorrell asked shareholders to grant him the authority to issue up to one billion shares at a price of at least 100 pence per share.
The vehicle-which is targeting businesses focused on technology, data and content-is already in talks for a number of possible acquisitions.
In building a war chest, Sorrell is positioning his new firm, to be named S4 Capital, to go head-to-head with WPP and other ad holding companies targeting similar acquisitions. When Sorrell announced S4 Capital's creation in May, he said the firm would be too small to rival WPP, which has a market value of GBP14.65 billion.
However, Sorrell's interest in buying marketing businesses that he describes as "new era, new age" places him firmly in a space where ad holding companies like WPP are trying to grow.
In April, Martin Sorrell stepped down as chief executive officer of WPP. His departure followed allegations of personal misconduct and misuse of company assets.
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