Bcom3Group Postpones IPO Plans Citing Market Conditions
Bcom3Group Inc., one of the leading ad conglomerates, has postponed plans for an IPO, citing difficult market conditions.The Chicago company last year said it would launch an IPO within 18 months, "based on market conditions". That promise will not be kept this year, Bcom3Group employees were told by CEO Roger Haupt in a letter.
"Market conditions are volatile, and the business environment has changed dramatically," Haupt said, according to a statement made public yesterday. "These conditions are likely to persist for some time."
"In light of this," Haupt said, "Bcom3's board of directors has concluded that it would be unwise for us to launch a new public company in this calendar year."
Bcom3's portfolio includes agencies like Leo Burnett Worldwide, D'Arcy, N.W. Ayer, Starcom MediaVest Group, Manning Selvage & Lee, and Medicus International. It employs 18,000 employees in more than 90 countries.
