PARIS: Publicis Groupe has extended the deadline for Sapient shareholders to accept its $3.7 billion offer for a third time, citing the need for additional time to deal with US regulatory requirements.
It extended the deadline to January 22 from January 7, although 78.9% of shareholders in the US technology firm have already agreed to the $25-per-share deal.
The regulatory hold-up is due to the need for France-headquartered Publicis Groupe to meet US conditions mitigating the foreign ownership of Sapient, which works for US government departments such as Homeland Security.
Sapient’s 13,000-strong staff in 37 cities around the world provides insight, strategy, creativity, and technology to clients. It generated $1.4 billion in revenue in the 12 months ending June 30, 2014.
"Sapient is a ‘crown jewel,’ a one-of-a-kind company born in the technology space with strengths in marketing, communications, consulting, and omni-channel commerce, all of which are equally important to best help clients achieve their digital transformation," Publicis Groupe CEO Maurice Lvy said in November, when the deal was announced. "It will also give Publicis Groupe access to new markets and create new revenue streams."
This story first appeared on Campaign.