French newspaper reports indicate that Aegis Group is considering contacting U.K. watchdog group the Takeover Panel about concerns that billionaire Vincent Bollore - who owns 29 percent of Aegis - is working in concert with another investor to bring his holding over the 30 percent needed to launch a full-blown takeover.

Manila-based fund EFL holds a 2 percent stake in the company which, if combined with Bollore's 29.1 percent, would require Bollore to make a bid, reports Brand Republic (via MediaBuyerPlanner).

Meanwhile, U.S. mutual fund Fidelity, which has an 8.96 percent stake in Aegis, is said to have concerns that Bollore, as chairman of rival Havas, would have conflicts of interest were he on the board of Aegis. Fidelity is considering blocking Bollore's bid for two seats on the board, according to the article.