The proposed tender offer by Bollore Group to acquire majority ownership of Havas Group has received a stamp of approval from the Havas Board of Directors, the holding company has confirmed.
Bollore Group, which has effectively controlled Havas since 2005, with a 36% stake in the firm, made the tender offer in October.
At the time, Havas said it had appointed outside firm Sorgem Evaluation to review the offering and prepare a report for the Havas board to study before the board advised shareholders on whether to tender shares.
Independent directors met separately with Sorgem to discuss the firm’s conclusion. Based on those discussions and the full Sorgem report, management gave the tender offer their blessing. Six of the 14 Havas board members are independent.
The company said that three members of the board who are also board members of Bollore Group, including Havas Chairman and CEO Yannick Bollore, did not take part in the vote approving the tender offer.Yannick Bollore said that “the success of this transaction will enable our Group to benefit from the support of a long-term shareholder even further and will thus facilitate our development in the future.”