The companies issued a statement earlier this week confirming that discussions were taking place.
"Although these discussions are at an advanced stage, there can be no certainty that they will lead to a transaction in due course. The terms of any such merger would be based on recent share price averages," the statement said.
Incepta, which also owns the Red Consultancy, would add the Huntsworth PR businesss to its growing market research operation Incepta Marketing Intelligence, which includes Momentum Research Group, DVL Smith and Hauck Research.
Huntsworth was set up by Lord Chadlington, the founder of Shandwick, which is now part of Interpublic and known as Weber Shandwick. It owns PR agencies including Counsel, Grayling and Harrison Cowley.
It was revealed last November that Incepta, whose chairman is Tory MP Francis Maude, had been in talks with Chime, the company headed by one-time adviser to Margaret Thatcher, Lord Bell and which owns Opinion Leader Research. However, the talks fell through after no agreement could be reached.
Separately, Huntsworth revealed it had acquired the Leeds-based PR consultancy Sinclair Mason in a 拢1.1m deal this week. The agency will become part of a new entity, to be known as Harrison Cowley North.
Incepta has also been reported to be looking at acquiring the music PR company The Outside Organisation. Shares in the company were unchanged this morning, at 63p, while Huntsworth's share price rose by 3.2% to 22.7p, a rise of 0.7p.
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