The Havas board has approved the Bolloré Group's attempt to buy a controlling stake in the company.
At a meeting last week the Havas board reviewed the findings of an independent report into the offer. The report said Bolloré’s offer is fair as it "offers a premium on Havas’s intrinsic value."
The Bolloré Group filed a share exchange offer of nine shares in Bolloré Group for five shares of Havas on Oct. 17. The offer represents a 19.5 percent premium on the price of Havas shares before the deal was made public.
The "group committee" of Havas employees approved the deal on 27 October.
Following the recommendations of the independent report, the approval of the group committee, and the Bolloré Group’s willingness to support Havas’s future growth, the board decided the offer was in the interest of Havas, its employees and its shareholders.
Yannick Bolloré, the chairman and chief executive of the Havas Group, said: "I am delighted by the positive opinion issued today by the board of directors of Havas. I am also pleased that this offer was favourably welcomed by the group committee.
"The success of this transaction will enable our group to benefit from the support of a long-term shareholder."
This article first appeared on campaignlive.co.uk.