24/7 Real Media: Yours for $600 Million, Mr. Sorrell

24/7 is reportedly eager to sell itself (no doubt inspired by the $3B Doubleclick deal) and, per the NY Post, is holding up WPP for $600 milliion.  Jason thinks $600 million would be a steal.

Post: Internet ad firm 24/7 Real Media is on the auction block and has already been talking to Martin Sorrell's WPP Group, the world's second-largest ad giant, among other potential suitors... 24/7 Real Media has been flirting with Britain's WPP for several months, although price is proving to be a sticking point... "Sorrell wants to look like he has a digital strategy," said one source familiar with the talks.

JJ: A $600m price tag would represent a 19x '07 EV/EBITDA multiple for TFSM.  I estimate that DCLK was purchased for a low 30x multiple and DTAS was purchased for 15.6x.  Both AQNT and VCLK look attractive given the recent M&A multiples.  They trade at 16.8x and 15.3x respectively. I would go long AQNT and possibly VCLK.

HB: This would be a huge comeback for (and testament to the dedication of) CEO David Moore and his team, who survived the worst of the bust.

Comments

[AARACH]

LET'S GET REAL WITH THIS 600 MIL-WHICH WOULD LETS THE SHORTS OUT WITHOUT BLEEDING TO DEATH--HOW ABOUT PUTTING SOME REAL NUMBERS OUT AS TO WHAT TFSM WOULD REALLY SELL FOR-NO ONE SEEMS TO WANT TO TAKE INTO CONSIDERATION THAT INSTITUTIONS OWN OVER 100% AND THE SHORTS HAVE OVER 7 MILLION SHARES WHICH HAS BEEN NOTHING BUT A BIG DRAG ON THE PRICE AND MARKET CAP. ALSO ASIAN GROWTH POTENTIAL IS ENORMOUS.

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