Grey Global Group's stock soared March 7 to an all-time high of $760 before settling back to a close of $723 a share, up 7.6%, following disclosure that Brookside Capital Partners Fund, an arm of investment firm Bain Capital, acquired 57,479 shares -- or a 5.6% stake -- in Grey.
Grey has been the subject of ongoing takeover speculation. Bain Capital also owns Domino's Pizza and has had investments in ad industry companies that include DoubleClick, MediaPlex and Hook Media.
W. Mitt Romney, the founder of Bain, is listed as the sole shareholder, sole director, president and CEO of Brookside in a report Grey filed March 5 with the Securities and Exchange Commission. Mr. Romney is also serving as president-CEO of the Salt Lake Organizing Committee for the 2002 Olympics. Grey's market capitalization today stood at about $900 million. A Grey spokeswoman said the agency does not comment on issues regarding its stock.
Copyright March 2001, Crain Communications Inc.
