NEW YORK: Publicis Groupe, widely speculated to be the likeliest buyer of Grey Global Group, announced on Monday it would not bid for the world's seventh-largest agency holding company.
Publicis is withdrawing from any bidding war for Grey, according to a report in the Financial Times.
Grey Global has denied that it is on the sales block since the speculation started in late June.
Despite widespread media speculation of their intentions, representatives from Publicis and WPP, another potential bidder, declined to talk with PRWeek about the issue last week, and Grey stuck to its official position of not commenting.
Grey CEO Ed Meyer would have the final say over any sale. Meyer is the company's controlling shareholder with the power to elect all members of its board of directors.
Publicis did not immediately return calls for comment.