Springer & Jacoby sale attracts only one bid

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[Hamburg, Germany] Only one company made a bid to buy German agency Springer & Jacoby, 51% owned by Interpublic Group of Cos. The bidder, Elephant Seven, is a publicly traded digital agency that was a spinoff from Springer & Jacoby and works closely with its former parent. Elephant Seven, based in Unterhaching, Germany, made two separate proposals, offering to buy either Interpublic's 51% stake or the entire agency, including the 49% share owned by the agency's founders and management. Scholz & Friends, another German agency earlier tipped to make a bid, didn't make an offer. Nor did Omnicom Group, initially rumored to be interested. Springer & Jacoby had ambitions to create a pan-European agency network, with Mercedes-Benz as a major regional account. But the network failed to develop, and the German agency laid off staff and began seeking a buyer for Interpublic's stake. Interest in the agency waned after speculation that the agency's flagship account, the Mercedes-Benz business that accounts for 30% of the agency's gross income, could go into review.
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