WPP Group and its US private investment partner Hellman & Friedman today informed the UK Takeover Panel they do not intend to proceed with their joint bid for Aegis Group, the London-headquartered global media-buying and research specialist.
The London Stock Exchange issued the following statement at 11.25 GMT this morning, November 25 2005.
"Further to recent press speculation, and following discussions with the advisers to Aegis, WPP, H&F and Mr Bolloré the Panel Executive has ruled that Mr Vincent Bolloré will not be bound by the restrictions set out in Rule 2.8 of the Code in connection with the announcements made by WPP and H&F earlier today that they do not intend to make an offer for Aegis.
"Each of Aegis, Mr Bolloré, WPP and H&F has accepted this ruling."
Data sourced from London Stock Exchange website; additional content by WARC staff