Aegis shares were sent racing this morning, jumping by more than 20% at one point and are still up 19.7% to 144.25p as further speculation around the bid emerged.
The industry had expected a move by Vincent Bollore, the Havas chairman, but instead it has come from French rival Maurice Levy, the Publicis chief executive.
The industry had expected a move by Vincent Bollore, the Havas chairman, but instead it has come from French rival Maurice Levy, the Publicis chief executive.
According to Les Echos, the Aegis board is meeting today to discuss the bid from the French advertising group, which owns Publicis Worldwide, Saatchi & Saatchi and Leo Burnett, and the media buying agencies ZenithOptimedia and Starcom MediaVest.
The report has blown apart speculation that Bollore was set to build on the 6% stake in Aegis he bought earlier this year.
He had seemed the likely suitor because he used a 22% stake in Havas to oust chief executive Alain de Pouzilhac in June last year.
Aegis is remaining tightlipped as to the identity of the bidder, but did admit that an approach, which values the firm at £1.57bn, had been received.
A statement released today said: "Aegis confirms that it has received an approach at an indicative level of 140 pence per Aegis share. However, the approach is preliminary in nature and there can be no certainty that an offer will be made."
Rival advertising giant Omnicom made an informal move for Aegis last year but its offer, which valued the firm at £1.4bn, was rejected.
Earlier this month, Aegis announced a pre-tax profit rise to £36.9m from £35.4 last year.
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