SCOTTSDALE, Ariz. (
) -- iCrossing, a large digital-marketing firm, hired
Bank of America
after it received an unsolicited bid from newspaper-and-magazine publisher
Wall Street Journal
reports, citing a person familiar with the matter.
iCrossing's board deemed the offer, said to be around $250 million, as too low and decided to solicit other potential buyers, the
iCrossing has held preliminary talks with several possible suitors, including Dublin-based ad giant
; Japan's largest ad company
; and Aegis Media, a unit of Britain's
, the person said.
Ad executives said Dentsu would be a logical fit for iCrossing, the
Dentsu is trying to become less-dependent on its home market for revenue. It recently came up short in its efforts to buy Razorfish,
digital-ad agency, which was bought by
earlier this year for $530 million.
iCrossing, backed by
and venture-capital firm Oak Investment Partners, is seeking about $400 million from bidders, according to several people familiar with the matter. Ad executives say the company is more likely to fetch closer to $300 million, the
iCrossing's clients include