Ahead of Aegis's postponed AGM, due to take place on June 14, Lord Sharman has delivered a stinging attack on the Bollore nominations of Philippe Germond and Roger Hatchuel, through his company Group Bollore.
Lord Sharman said: "The reasons why we are recommending that shareholders vote against the Groupe Bollore nominations are clear -- protecting their interests and for good UK corporate governance.
"The nominations present a severe conflict of interest. They also risk favouring the interests of one particular shareholder above the majority. The board will always resist the efforts of any particular shareholder to exercise any form of undue influence or creeping control over the company without offering a full and fair price to all Aegis shareholders for that privilege."
Earlier this week, it emerged that fund manager Aegon, which owns a 4.9% stake in Aegis, was likely to join Fidelity, which has a 9.3% shareholder in the group, in opposing the move.
This latest development follows Bollore increasing his shareholding in the firm from 27.81% to 28.81% last Friday, in a move that makes the prospect of a full bid increasingly likely.
Under UK law if he reaches the 30% mark Bollore must make a mandatory takeover bid.
The letter adds that the Aegis board have announced they will keep an "open mind to any proposal, which is clearly in the interests of all Aegis shareholders, including a premium cash offer being made for the company."
The letter states: "Aegis' prospects in media communications and market research are attractive. The group has benefited from sustained investment in acquiring new capabilities, as well as organic growth initiatives."
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