Sir Martin Sorrell sweetens MediaMonks bid with shares in S4 Capital
Ad guru Sir Martin Sorrell is sweetening his bid for Dutch digital agency MediaMonks by offering its executives a large amount of equity in his new business, S4 Capital, Morning Wire understands.
Over half (55 per cent) of MediaMonks is owned by private equity firm Bencis, while the rest is in the hands of a small group of its staff.
The news follows a turbulent week which has seen a fierce bidding war emerge between Sorrell and his former employer WPP, who are both vying to take over MediaMonks.
Read more: WPP claims it has been considering a move for MediaMonks 'since November'
WPP's lawyers told Sorrell he could lose up to £20m in share awards if he pursued the company, as he would risk breaching a confidentiality agreement he signed when he left the FTSE 100 firm in April.
The company said it had been looking at making a move for MediaMonks since November last year when Sorrell was still boss, as it described the rival bid from S4 Capital as "unlawful".
But Sorrell shrugged off the allegations from WPP, as a spokesperson for the S4 boss told City A.M that him and his legal team were "very relaxed".
MediaMonks specialises in a range of digital advertising services, and has worked with clients including Heineken, Lego and Audi.
S4 Capital has reportedly already raised around £1bn from City investors to fund an acquisition spree to grow the new business.
A spokesperson for Sorrell declined to comment.
Read more: Sir Martin Sorrell aims to raise £1bn to fund raft of ad agency takeover