WPP Plc (LSE:WPP), the struggling British advertising and communications giant, saw its stock climb more than 3% on Monday after new reports suggested that the company may be drawing attention from both industry players and private-equity firms.

According to The Times, early takeover interest has emerged from French rival Havas N.V. as well as investment heavyweights Apollo Global Management and KKR & Co.. While no formal bids have been confirmed, sources indicated that potential buyers are evaluating a range of scenarios—including a full acquisition, a significant minority stake, or targeted purchases of select WPP divisions.

The market reaction is particularly notable given WPP’s recent slump. The group’s shares have plunged more than 60% so far this year, leaving the company valued at roughly £3 billion—a staggering fall for a business that once dominated the global advertising landscape.

WPP is currently in the midst of an extensive overhaul under new CEO Cindy Rose, who is pushing to reshape the company around data, technology, and AI-driven marketing solutions. The renewed M&A chatter follows a recent profit warning tied to a 5.9% drop in like-for-like net revenue, intensifying speculation that a change of ownership could accelerate the turnaround.

The interest from potential buyers also highlights WPP’s weakened position. Once a symbol of industry power, the firm now trades near multi-decade lows, with several hedge funds holding substantial short positions in anticipation of further declines.

Still, uncertainty remains high. No suitor has publicly confirmed an active bid, and reports suggest that at least one—Apollo—has denied ongoing negotiations. Analysts warn that any transaction would face meaningful execution challenges, from WPP’s large debt load to the complexity of integrating its sprawling global operations.

Yet a deal could unlock hidden value. WPP has already proven this through selective divestments, including the $1.7 billion sale of its majority stake in FGS Global to KKR, a transaction that significantly eased its leverage burden. Investors will also be watching movements among major shareholders, with RWC Asset Management recently boosting its holdings to more than 5.2% of voting rights.

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