Sir Martin Sorrell has announced that he is still interested in buying Aegis’s research division, Synovate and taking a small stake in the remaining media business.
Speaking at the World Economic Forum in Davos, Switzerland, Sorrell told delegates of his plans, claiming that before a deal could be done, WPP would have to study Synovates’ books.
Sorrell told Reuters: “The idea was that we could have a small stake in the media organisation and buy Synovate, and we are still interested in that.”
He added: “We would have to take a very close look at Synovate. The information we were given I do not think was accurate. I think it was probably very optimistic.”
WPP withdrew from bidding for Aegis in November, claiming that Aegis had rebuffed its offer (see WPP And Hellman & Freidman To Withdraw From Aegis Bid).
In October, WPP was given a four week deadline to table a bid for rival Aegis by the UK’s Takeover Panel, with Sorrell, saying that he was still considering a bid for Aegis, following the company’s third quarter results, which reported a 5% rise in organic growth (see WPP Sees Revenue Rise By 26% In Q3 2005).
Meanwhile, French entrepreneur Vincent Bollore has steadily been increasing his share in the UK media and communications company, recently purchasing a further 2.9 million shares, pushing his stake to 25.47% (see Bollore Pushes Aegis Stake To 25.47%).
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