PUTEAUX, FRANCE: The Havas board has approved the Bolloré Group's attempt to buy a controlling stake in the company.
At a meeting last week, the Havas board reviewed the findings of an independent report into the offer. The report said Bolloré’s offer is fair as it "offers a premium on Havas’ intrinsic value."
Havas is the parent company of PR firm Havas PR.
The Bolloré Group filed a share-exchange offer of nine shares in Bolloré Group for five shares of Havas on October 17. The offer represents a 19.5% premium on the price of Havas shares prior to the deal being made public.
The group committee of Havas employees approved the deal on October 27.
Following the recommendations of the independent report, the approval of the group committee, and the Bolloré Group’s willingness to support Havas’ future growth, the board decided the offer was in the interest of Havas, its employees, and its shareholders.
"I am delighted by the positive opinion issued today by the board of directors of Havas. I am also pleased that this offer was favorably welcomed by the group committee," said Yannick Bolloré, chairman and chief executive of the Havas Group. "The success of this transaction will enable our group to benefit from the support of a long-term shareholder."
This article first appeared on the website of Campaign.