Aegis welcomes an end to the uncertainty caused by the recent approaches. Today's announcement coincides with the expiry of the Takeover Panel's deadline, set on 28 October, to which all parties agreed.
WPP and Hellman & Friedman first approached Aegis in September and subsequently presented Aegis with a non-binding, indicative proposal at a price materially below 140p, the price in the indicative proposal made by Publicis. Accordingly WPP and Hellman & Friedman were informed on 16th November that their proposal did not form the basis for any continuing dialogue. The Board was not asked to consider any proposal involving any other party.
The Board of Aegis remains confident that Aegis has the right portfolio and strategy to create significant value for all its shareholders. Media and research continue to grow in importance as clients demand insight and guidance in a more complex media and technology environment. Aegis's international media brands - Carat, Vizeum and Posterscope - make it the world's leading independent media buyer and planner. With Isobar, Aegis has created a leading position in the rapid growth area of digital marketing. In market research, Synovate is the fastest growing global business.
Robert Lerwill, chief executive of Aegis, said:"Today's announcement was not a surprise, given that WPP and Hellman & Friedman had not made a credible proposal to the Board. Aegis's strategy is clear and successful. We continue to develop our leading media and research businesses, investing in profitable and high potential markets and services. The valuable positions we have created will allow us to benefit well from the market trends we have anticipated. We intend to continue delivering the results of that strategy."
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