Aegis has made an announcement to shareholders, asking that they reject French financier Vincent Bollore's demand for two seats on the board, Reuters writes (via MediaBuyerPlanner). The company says Bollore's candidates would have a conflict of interest, as Bollore is chairman of rival ad group Havas, and that no single minority should have such control over the company.
Bollore owns nearly 29 percent of Aegis; by U.K. rules, he must make a mandatory takeover bid if his holdings reach 30 percent. Aegis is holding its annual general meeting June 14, when it will ask investors to vote on proposed resolutions.
Previous coverage:
- Bollore to Gain Aegis Board Seats- Bollore Speaks Out on Havas, Aegis
- Bollore, a 'Misery' to Aegis, Seeks Board Seats
- WPP Ends Aegis Bid; Bollore May Soon Make Move
- Media Services Kingpin Bollore, WPP May Jointly Bid for Aegis
- Aegis Determined to Keep Bollore off Board
