iCrossing Solicits Potential Buyers: Report - TheStreet

SCOTTSDALE, Ariz. (

TheStreet

) -- iCrossing, a large digital-marketing firm, hired

Bank of America

after it received an unsolicited bid from newspaper-and-magazine publisher

Hearst

, the

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

Journal

reports.

iCrossing has held preliminary talks with several possible suitors, including Dublin-based ad giant

WPP

(WPPGY)

; Japan's largest ad company

Dentsu

; and Aegis Media, a unit of Britain's

Aegis

, the person said.

Ad executives said Dentsu would be a logical fit for iCrossing, the

Journal

reports.

Dentsu is trying to become less-dependent on its home market for revenue. It recently came up short in its efforts to buy Razorfish,

Microsoft's

(MSFT) - Get Report

digital-ad agency, which was bought by

Publicis

earlier this year for $530 million.

iCrossing, backed by

Goldman Sachs

(GS) - Get Report

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

Journal

says.

iCrossing's clients include

Travelocity

,

Coca-Cola

and

Toyota

.