• by Joe Mandese  @mp_joemandese, October 4, 2005

A second presumably "friendly" suitor has begun courting Aegis Group, and at least one major news organization is reporting that WPP Group has joined the list of potential acquirers of the media services and marketing research holding company. In a curt, obligatory statement released early Tuesday morning, Aegis disclosed "that in recent days its representatives and advisers have met with more than one potential offeror to share non-public information on the company."

The disclosure suggests that another company is conducting due diligence in preparation for a friendly bid to acquire Aegis, the parent of media buying networks such as Carat, Vizeum, Isobar, and Posterscope, as well as some prized marketing research assets.

"However, at this point there can be no certainty that any offer will be made for the company by any potential offeror," read the Aegis statement, which was similar in tone to one issued several weeks ago confirming that Aegis' board had initiated discussions with Publicis Groupe. The only other information disclosed by Aegis to date is that it had received as offer of at least 140 pence per share, or $2.46 at current exchange rates.

Meanwhile, Reuters has reported that WPP Group--the U.K.-based holding company that owns media shops such as MindShare, Mediaedge:cia, and MediaCom; full-service agencies like JWT, Ogilvy & Mather, and Y&R; and marketing research companies--has aligned itself with U.S. private equity firm Hellman & Friedman in what it described as a "second bid approach" to Aegis.

WPP makes sense because Chairman-CEO Martin Sorrell is known to be acquisitive and competitive, and likely has been stewing over the potential auction of a valuable marketing services asset. In fact, WPP is a good fit because unlike other major agency holding companies, it would also benefit by combining its Kantar Media Research assets with Aegis' Synovate operations. The merger would also give WPP bragging rights as the world's largest buyer of media, surpassing close rival, U.S.-based Omnicom.

Omnicom also is believed to be a possible Aegis suitor, and reportedly made an offer late last year that was rejected by the Aegis board.

But some question WPP's ability to mount a realistic bid for Aegis. The company is believed to be highly leveraged following a series of acquisitions in recent years, including last year's acquisition of Grey Global, as well as its buyout of Australia's The Communications Group Holdings last month.

Hellman & Friedman has a history on Madison Avenue, and a long relationship with WPP. It previously owned a stake in Young & Rubicam, which was eventually sold to WPP. It also acquired online ad server DoubleClick early this year.

But even as new bidders align and enter what some see as an open auction for Aegis, French corporate raider Vincent Bollore has amassed enough shares of voting stock to veto a public "de-listing" of the company, meaning an outright sale to a third-party.

Bollore, who controls Paris-based Havas, Tuesday disclosed that he had increased his stake to 12.63 percent from 11.38 percent of Aegis stock. Already the largest Aegis shareholder, Bollore has solidified his say over the direction of the U.K. company.

While an outright acquisition of Aegis would seem to be just the thing Havas needs to get it back on track, analysts have speculated that Bollore is not interested in such a merger.