In their disclosure, WPP and H&F said they submitted an "indicative proposal" on Nov. 16 to jointly acquire Aegis, as well as a second proposal by WPP and H&F and "possibly, one other third party," presumably French financier Vincent Bollore, but that both those offers were rejected by the Aegis board. Aegis said the offer was "materially below" the approximately $2.40 per share offer previously made by Publicis, which has also pulled out of the bidding for Aegis.
"Today's announcement was not a surprise, given that WPP and Hellman & Friedman had not made a credible proposal to the board," stated Aegis CEO Robert Lerwill, though Aegis apparently is leaving the door open for others to acquire. Following the announcement, the Aegis board released a statement saying Bollore, who owns nearly 25 percent of Aegis' shares, would not be "bound by the restrictions" of the European takeover panel rule, presumably meaning it is free to make another offer to acquire Aegis.
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Bollore, who already controls Paris-based rival Havas, has claimed his rising stake in Aegis is merely a "financial holding" and that he has no intention of taking the British parent of Carat over, or of changing its "independence." Bollore can raise his stake to 29.9 percent of Aegis before being required to make a bid and taking seats on its board.
Aegis, meanwhile, continues to act more like a suitor than an acquisition target, announcing its own takeover of REMARK, Turkey's largest independent market research company, which will be integrated into Aegis' burgeoning Synovate unit. Aegis said it would pay about $5.2 million over three years to acquire the Turkish researcher.