According to a report in The Times this morning, Fidelity will back Aegis after it yesterday said it would not support the bid by Bollore, its largest shareholder, to win two seats on the board.
Earlier this week Bollore nominated two candidates for the Aegis board - Philippe Germond and Roger Hatchuel - via his investment vehicle Groupe Bollore, as he continues to build up his stake in Aegis, which this week reached 27.56%.
Fidelity, whose holding in Aegis is 9.29%, has thrown its weight behind the Aegis board after it urged shareholders to reject Bollore's efforts to get seats on the board.
Aegis told shareholders that Bollore's nominations were a fundamental conflict of interest citing the Frenchman's chairmanship of rival advertising business Havas.
"The board believes that Groupe Bollore's proposal represents fundamental conflicts of interest: Vincent Bollore holds the chairmanship of and owns a substantial interest in Havas -- a major direct competitor of Aegis," Aegis said.
To give shareholders more time to consider the issue, and rally support to fight off a potential Bollore takeover, Aegis also delayed its AGM by three weeks. The AGM had been scheduled to take place on Wednesday next week, but has been moved to June 14.
Bollore is just 2.46% shy of the 30% holding which stock exchange rules dictate that a formal takeover offer be made.
There is speculation that Bollore could make an offer in tandem with Sir Martin Sorrell, the WPP Group chief executive. WPP bid unsuccessfully for Aegis with private equity group Hellman & Friedman last November.
Yesterday, Bollore told ±±¾©Èü³µpk10 he wanted to work with Sorrell: "I would like to do something with Sorrell that's in our mutual interest."
Sorrell has made it openly known that he covets the Aegis-owned market research business Synovate, and would like the two to carve up Aegis between them with Bollore taking the media buying operations Carat and Vizeum.
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