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Dentsu Awaiting MOFCOM Approval For Aegis Group Deal

3/22/2013 6:42 AM ET

Dentsu Inc (DNTUY.PK) confirmed that it is still awaiting approval from MOFCOM regarding Aegis Group Plc. (AGS.L) agreement.

The court proceedings to sanction scheme of arrangement in relation to Aegis Group will take place in the UK later today in accordance with the UK Takeover Code and previous announcements, Dentsu said.

Dentsu said it respects PRC rules and so will wait for MOFCOM's approval prior to taking management control and implementing the integration of Aegis. Dentsu noted that it will not make any further comment on this matter until MOFCOM clearance has been received.

The Second Court Hearing is expected to take place on 26 March 2013.

In July 2012, Dentsu Inc. and Aegis Group had announce that they reached agreement on the terms of a recommended cash offer pursuant to which Dentsu would acquire the entire issued and to be issued ordinary share capital of Aegis.

As per the terms of the offer, Aegis shareholders would be entitled to receive 240 pence in cash for each Aegis share held. The offer valued the entire issued and to be issued ordinary share capital of Aegis at around 3.16 billion pounds.

Recommended Convertible Bond Cash Offer by Dentsu to the holders of all of Aegis Group Capital (Jersey) Limited's outstanding 190.60 million pounds 2.50 per cent. Guaranteed Convertible Bonds due 2015, unconditionally and irrevocably guaranteed by Aegis Group plc.

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by RTT Staff Writer

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