LONDON - Media buyer Aegis is being actively pursued by French advertising company Publicis, the French newspaper Les Echos reported today. However, Publicis has not confirmed the report.
It is also reported that Aegis has been offered £1.57 billion in the takeover approach. The company was forced to publicly acknowledge that it had received an offer, "The board of Aegis notes yesterday's speculation regarding an approach to the company. Aegis confirms that it has received an approach at an indicative level of 140p per Aegis share.
However, the approach is preliminary in nature and there can be no certainty that an offer will be made," Europe's largest media buying agency said in a statement after it was ordered by the Takeover Panel to clarify its position this morning. The company also said that further announcements, if any, would be made in due course.
Aegis has long been a takeover target and among the interested parties are big names like rival advertising group Omnicon and Havas, the French media group. M Bolloré, the chairman of Havas, which already has a 6 percent stake in Aegis, said that the stake is a "financial investment" rather than a prelude to a future takeover approach.
Aegis itself has been active in the acquisitions field and owns Carat, Europe's biggest media buyer. The group announced two small takeovers of its own. It brought Brindley Media Group in a deal worth €12 million over three years and indicated that it would shell out €16 million over five years for Komandarm, the Russian media company.
Aegis shares have soared over takeover speculations. Yesterday they closed up 2.5 pence to 120.5 pence. This morning the shares spiraled by 22 pence to 142.5 pence. This is higher than the 140 pence-a-share offer that has been tabled for the company.
Posted
on : Wed, 21 Sep 2005 17:35 GMT | Business News
By : Mike Lawson
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