Publicis Groupe extends Sapient deadline -- again

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Publicis Groupe Chairman and CEO Maurice Lévy.
Publicis Groupe Chairman and CEO Maurice Lévy.

The Feb 5 extension marks the fourth delay to the proposed acquisition

Publicis Groupe has extended the deadline for Sapient shareholders to accept its $3.7 billion offer for a fourth time.

The deadline has been changed from Jan. 22 to the end of the day on Feb. 5.

Publicis Groupe has previously blamed the delay on the need for additional time to deal with US regulatory requirements, although it did not make any comment as to the reason for the delay today.

Last time the deadline was extended, it was stated that 78.9% of shareholders in the US technology consultancy 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 the Department of Homeland Security.

Sapient’s 13,000-strong staff across 37 cities around the world provides insight, strategy, creativity and technology to clients and generated income of $1.4 billion in revenue in the 12 months to June 30, 2014.

At the time of the deal’s announcement in November, Publicis Groupe chairman and chief executive Maurice Levy said: "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.

"It will also give Publicis Groupe access to new markets and create new revenue streams."

This article first appeared on campaignlive.co.uk.

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