Private equity company Hellman & Friedman, San Francisco, said it reduced its holdings in Young & Rubicam to 8% from 18% as part of a secondary public offering of common stock by New York-based Y&R. Hellman sold off 7.4 million shares--about $277 million worth--part of about 15 million shares Y&R put on the market yesterday at a price of $37.25 per share. The non-Hellman shares include those of other Y&R shareholders. Hellman in late 1996 invested $224 million in the then privately held Y&R to provide growth capital and to facilitate a realignment of Y&R's equity ownership to key senior managers.
Copyright May 1999, Crain Communications Inc.