Aegis CEO Quashes Takeover Talk with Independent Growth Plans

25 July 2001

Despite speculation that it’s the ad industry’s next big takeover target, British media buying and research group Aegis has unveiled plans to expand independently.

Chief executive Doug Flynn revealed the group intends to increase US media billings by 12% to $4 billion, purchase six further research companies across the globe and enhance its Latin American operations, all in the next six months.

“We believe we can grow this company quicker than any of the big conglomerates can,” said Flynn. “In terms of scale, we have been winning business and are competing comfortably. We have no need to join a conglomerate, and we don’t want to.”

In the wake of Havas Advertising’s takeover bid for Tempus Group last week [19-Jul-01], Aegis shares jumped 7% as investors speculated that the group would be next in line.

News source: Wall Street Journal