On Dec. 23, 2008, Aegis announced the appointment of JP Morgan Cazenove as its "sole broker," but declined to provide a reason for the move. That move came one month after Aegis ousted Robert Lerwill as its CEO and replaced him "on an interim basis" with John Napier, who has been chairman of Aegis.

The Sunday Times said Napier, who also is chairman of insurance company Royal & Sun Alliance, has close ties to Merrill Lynch. The paper speculated that a sale of prized Aegis research unit, Synovate, is one likely scenario, though the broker could explore other strategic alternatives.

Aegis has been the subject of merger and acquisition speculation ever since French financier Vincent Bollore began accumulating shares of the London-based agency holding company's stock. Bollore, who took control of Paris-based Havas in a similar manner, has repeatedly been thwarted in his attempts to gain seats on the Aegis board, even though he controls nearly 30% of Aegis stock and is its largest shareholder.

In the past, both Paris-based Publicis Groupe, and Dublin-based WPP Group.

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