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Ovitz eyeing Polygram
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May 13, 1998: 7:05 p.m. ET
Forstmann Little, Thomas H. Lee join to arrange bid for Philips' stake
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NEW YORK (CNNfn) - Philips Electronics NV is drawing interest in its stake in Polygram from an investor group assembled by former talent agent and one-time Walt Disney Co. president Michael Ovitz.
CNNfn has learned that Ovitz has teamed up with investment firms Forstmann Little & Co. of New York and Thomas H. Lee Co. of Boston to explore a possible bid for the 75 percent of Polygram that Philips owns.
The partnership isn't new for Ovitz, who is a friend of Theodore Forstmann, chairman of the investment firm. Ovitz also sits on the board of Gulfstream Aerospace Corp., one of Forstmann's prime holdings.
The group, represented by Allen & Co., sent a letter Monday to the supervisory board of Polygram and Philips officials. No response has been received.
The overtures by the Ovitz group, initially reported by the New York Times Wednesday, came as Philips and Polygram officials reached advanced talks with Seagram Co. The two sides are believed to have set a deadline of Sunday to reach a deal.
A competing bid, if it comes, would be very difficult for Edgar Bronfman Jr., chief executive officer of Seagram. While Bronfman is interested in acquiring a large record company, Seagram's board of directors are reportedly not interested in getting into a bidding war.
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Polygram
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