Young & Rubicam, New York, filed preliminary documents in anticipation of an initial public offering of $350 million worth of stock in the company. Y&R employee shareholders and investment bank Hellman & Friedman Partners will offer a portion of their stakes in the IPO. In its S-1 form submitted to the Securities & Exchange Commission, Y&R said its stock will be traded on the New York Stock Exchange and a portion will be available in overseas markets. Its ticker symbol on the NYSE will be YNR. Y&R said it plans to use part of the proceeds to retire a $331 million term loan it used in a 1996 recapitalization of the company. The filing also includes a notation stating that Y&R plans to enact a stockholders' rights plan that will include anti-takeover protections to ward off a hostile run on the company.
Copyright February 1998, Crain Communications Inc.