Photon Group's struggle to secure investors for its $200 million capital raising has led rival marketing services companies to approach some of Photon's businesses with offers to leave the group, the Australian Financial Review reports.
According to the newspaper, over the past month executives from rival companies STW Communications Group, Mitchell Communication Group and Clemenger Group have denied any interest in buying parts of Photon.
However, one of these rivals is believed to have approached executives at one of Photon's advertising agencies to discuss whether they would be enticed to lave and start a new company.
The offer is understood to have been made to Photon agency BWM, which is 51 per cent owned by Photon and serves clients including Telstra and NIB Health Funds.
The unit's chief executive Paul Williams confirmed that he had received approaches of interest, but said that BWM remained loyal to Photon..
Photon chief executive Jeremy Philips stipulated last month that no assets would be sold as he restructured the struggling company.
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