MUMBAI: Martin Sorrell’s attempt to acquire Dutch production house MediaMonksh has run into rough weather with WPP accusing its former boss of unlawfully using confidential company information in the acquisition process.
According to the reports, the company allegedly called in lawyers after Sorrell’s new company, S4 Capital, announced a bid for MediaMonks – a company he encountered during his tenure of WPP.
The Guardian reported that WPP’s lawyers have told Sorrell that a MediaMonks buyout is unlawful because it would use information gathered during his course of employment with WPP, and would “likely be in breach of confidentiality obligations”.
Meanwhile, it has been suggested that the acquisition would jeopardise Sorrell’s long-term share award, valued at around $41m, 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.
Founded in Holland in 2001, the creative production house Media Monks currently has offices in Los Angeles, New York, Singapore, Shanghai, Stockholm, Dubai and Sao Paulo.
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