Aegis Group chairman Colin Sharman and chief executive Robert Lerwill are this week meeting with the firm's major shareholders, urging them to reject Vincent Bolloré's attempt to shoehorn two directors onto the board of the media-buying and research group [WAMN: 19-May-06].
Both candidates - the former owner of the Cannes Lions International Advertising Festival Roger Hatchuel and ex-Alcatel president Phillipe Germond - were proposed for election just one week prior to Aegis' annual meeting, originally scheduled for today, May 24.
Aegis argues that neither candidate is acceptable because Bolloré's dominant 25% holding in Havas makes it impossible for his nominees to act either with independence or in the best interest of other Aegis shareholders. The Aegis board accordingly postponed the meeting until June 14 to allow investors time to mull the matter.
In the interim, Bolloré again upped his Aegis holding, to a new high of 28.81% [WAMN: 23-May-06]. His stake now hovers a mere 1.19% below the level at which it is mandatory to make a full takeover bid.
Data sourced from MediaGuardian.co.uk; additional content by WARC staff