Bcom3Group Postpones IPO Plans
The Chicago company said last year that it would launch an IPO within 18 months, "based on market conditions."
Bcom3Group CEO Roger Haupt told employees in a letter that the promise will not be kept this year.
"Market conditions are volatile, and the business environment has changed dramatically," Haupt said in a statement. "These conditions are likely to persist for some time. In light of this, 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 Leo Burnett Worldwide, D'Arcy, N.W. Ayer, Starcom MediaVest Group, Manning Selvage & Lee and Medicus International. It has 18,000 employees in more than 90 countries.