25th Nov 2005 12:45
Aegis Group PLC25 November 2005 25 November 2005 Aegis Group plc Response to WPP Group plc and Hellman & Friedman LLC withdrawal Aegis Group plc ("Aegis" or the "Company") notes the announcements today thatWPP Group plc ("WPP") and Hellman & Friedman LLC ("Hellman & Friedman") do notintend to pursue an offer for the Company. 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 subsequentlypresented Aegis with a non-binding, indicative proposal at a price materiallybelow 140p, the price in the indicative proposal made by Publicis. AccordinglyWPP and Hellman & Friedman were informed on 16th November that their proposaldid not form the basis for any continuing dialogue. The Board was not asked toconsider any proposal involving any other party. The Board of Aegis remains confident that Aegis has the right portfolio andstrategy to create significant value for all its shareholders. Media andresearch continue to grow in importance as clients demand insight and guidancein a more complex media and technology environment. Aegis's international mediabrands - Carat, Vizeum and Posterscope - make it the world's leading independentmedia buyer and planner. With Isobar, Aegis has created a leading position inthe rapid growth area of digital marketing. In market research, Synovate is thefastest growing global business. Robert Lerwill, Chief Executive of Aegis, said today: "Today's announcement was not a surprise, given that WPP and Hellman & Friedmanhad not made a credible proposal to the Board. Aegis's strategy is clear andsuccessful. We continue to develop our leading media and research businesses,investing in profitable and high potential markets and services. The valuablepositions we have created will allow us to benefit well from the market trendswe have anticipated. We intend to continue delivering the results of thatstrategy." Enquiries:Charlotte Elston Aegis Group plc 020 7070 7700Tim Spratt, Charlie Palmer Financial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WPP