WPP Given Deadline For Aegis Bid

Media giant WPP has been given a four week deadline to table a bid for rival Aegis by the UK’s Takeover Panel.

The group is understood to be considering a joint bid with US private equity house Hellman & Freidman, with particular interest shown in Aegis’ research arm Synovate.

The deadline was imposed following talks between Aegis and the Takeover Panel, with a formal offer now required by 25 November.

WPP chief executive Martin Sorrell said earlier today that he was still considering a bid for Aegis, following the company’s third quarter results, which reported a 5% rise in organic growth, with WPP’s own market research unit under performing the market with an increase of only 1% in turnover.

Rival buying firm Publicis recently announced that it would not pursue a bid for Aegis, ending its interest in the firm which started speculation over a sale last month (see Publicis Backs Down From Aegis Take-Over).

Aegis Group: 020 7070 7700 www.aegisplc.com WPP: 020 7408 2204 www.wpp.com