Buyout Offer Led to Snyder’s Exploring Sale

Snyder Communications Inc. Chief Executive Daniel Snyder’s decision to hire an investment banker to evaluate a possible sale of the company was triggered by a $1.8-billion buyout offer from an unnamed advertising agency, the Washington Post reported, citing sources close to the company. Snyder has been frustrated by the performance of his marketing company’s shares and is spending more of his time running his Washington Redskins football team. Daniel Snyder could receive at least $250 million, probably in the stock of the purchasing company, if he were to sell his holdings in Snyder Communications, the paper said. Shares of Bethesda, Md.-based Snyder Communications rose 20% on Thursday after the company said it hired Deutsche Banc Alex. Brown to explore strategic alternatives.

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