MDK rebuts BM merger report

Following Media's initial report on the issue on October 14, which suggested that MDK's majority shareholder WPP was considering aligning the agency with BM, de Kretser responded by releasing a press statement which states: "MDK in its 22-year history has had many approaches. It is true that BM is one of these companies. However, it was made abundantly clear that MDK had no desire to integrate or sell the company. In fact, MDK would like to buy back its equity from WPP if this could be agreed." However, BM regional CEO Bill Rylance contradicted de Kretser's version of events, and said: "The fact is that Michael de Kretser came to meet me in Singapore (to) discuss potential collaboration between our two firms. During that meeting, he did tell me he would be open to an offer for his minority stake in MDK. We are always interested in collaborating with other WPP firms and MDK is no exception. We have not made an offer and it's unfortunate that he's chosen to react in this way. We were open to possible collaboration with MDK the company but -- following the meeting in Singapore -- concluded that we have no interest in holding further discussions with Mr de Kretser individually."