Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

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.

Register
To receive FREE breaking news email alerts for DENTSU INC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Justin Moore has been named Humanitarian of the Year by by the Armed Forces Foundation. Moore received the award alongside Big Machine Label Group President/CEO Scott Borchetta for their service and commitment to the morale and welfare of military families through the Crown Royal "Your Hero's Name Here" contest. International Business Machines Corp. said Wednesday after the markets closed that its first quarter profit fell 21% from last year, hurt by lower revenue as well as a hefty workforce rebalancing charge. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Stocks moved sharply higher over the course of the trading day on Wednesday, further offsetting the steep losses posted late last week. The markets benefited from a positive reaction to the latest earnings news as well as remarks by Federal Reserve Chairman Janet Yellen. The major averages saw further upside going into the close, ending the session at their best levels of the day.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.