SYDNEY: The board of Mitchell Communication Group has recommended shareholders accept Aegis Group's $363m acquisition offer.
The deal will see Mitchells founder and executive chairman Harold Mitchell lead the combined Aegis Media Pacific business.
Aegis has proposed a shares and cash offer that will make the Mitchell family the second biggest shareholder in Aegis Worldwide.
The merger is dependent on Mitchell
shareholders accepting the offer, which has been unanimously
recommended by the Mitchells board.
Aegis chief executive
Jerry Buhlmann said: “Our businesses are a strong strategic and
cultural fit. Combining Mitchell with our existing business in
Australia will create a formidable business for the benefit of all
our clients.”
Mitchell said: “Aegis is the best placed of
the global agency groups for the convergent future, with a strong
focus on digital and media. We are convinced they have enormous
growth ahead of them and having Mitchell as part of their global
network will be an important part of achieving that.”
Read the full story in tomorrow's edition of AdNews.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.