Y&R issues 10 million shares in secondary stock offering

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About 10 million shares of Young & Rubicam stock were issued today in a secondary offering of shares held mostly by employees and San Francisco investment banker Hellman & Friedman Partners. At 2:30 p.m. (ET), Y&R stock was trading at $30, down $0.625 from its opening price; at that price, New York-based Young & Rubicam would raise $300 million in the offering. Some of the employees selling 250,000-plus shares of stock each included Mitchell Kurz, vice chairman-chief client officer of Y&R Advertising, who is retiring at the end of the year (selling 356,000 shares); John McGarry Jr., president of Y&R (309,706); Fernan Montero, recently retired chairman-CEO, Y&R Advertising Europe (282,000); and Alan Sheldon, vice chairman-managing director, Y&R (250,000).

Copyright November 1998, Crain Communications Inc.

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