WPP denounces Martin Sorrell’s bid for MediaMonks as ‘unlawful’
WPP has accused its former boss Sir Martin Sorrell of unlawfully trying to acquire an agency using confidential company information, it has been reported.
Acquiring MediaMonks would “likely be in breach of [Sorrell’s] confidentiality obligations”
According to the Guardian, the world’s largest holding company allegedly called in lawyers after Sorrell’s new company, S4 Capital, announced a AU$536m bid for Dutch production house MediaMonk – a company he encountered during his tenure of WPP.
According to the Guardian, WPP’s lawyers have told Sorrell a MediaMonks buyout is unlawful because it would use information gathered from WPP, and would “likely be in breach of confidentiality obligations”.
Meanwhile, it has been suggested the acquisition would jeopardise Sorrell’s long-term share award, valued around AU$56m, over the next five years.
The bidding war comes after Sorrell indicated to investors that he would not seek to compete with WPP following his departure.
WPP AUNZ declined to comment when contacted by Mumbrella.
Founded in Holland in 2001, the creative production house MediaMonks currently has offices in Los Angeles, New York, Singapore, Shanghai, Stockholm, Dubai and Sao Paulo.
The company indicated in 2014 that it intended to open a base in Sydney, but the plans subsequently never materialised.
