12:29 PM EDT, 06/26/2024 (MT Newswires) -- A bid by KKR (KKR) to take majority control of FGS Global has been rejected by WPP ( WPP ) , which owns about 55% of the financial communications firm, The Financial Times reported Wednesday, citing people with direct knowledge of the talks.

WPP ( WPP ) turned down KKR's offer for being too low, the report said, citing some of the people. KKR already owns about 30% of FGS, according to the report.

KKR could return with a higher bid, the report said, citing two of the people.

Another unnamed source said WPP's ( WPP ) board didn't consider FGS as "for sale" but would be "mindful of the fiduciary responsibility," according to the report.

KKR and WPP ( WPP ) didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 105.95, Change: -1.47, Percent Change: -1.37