Clemenger shareholders approve BBDO’s $150m offer for 73.7% of the marketing services group
January 29 2011, 10:47 am | | No Comments
The SMH reports that shareholders in Australasia’s largest marketing services company, Clemenger Group, voted overwhelmingly in favour of a $150 million take-over by the New York global marketing services company Omnicom.
At meetings held simultaneously in Sydney, Melbourne and Auckland, the directors and staff agreed to sell half their shares at $6.43 a share, a 70 per cent-plus premium on the current valuation of $3.75 – calculated each November by Ernst & Young.
With just under 4 million shares, Clemenger Group chairman Robert Morgan (pictured) is Clemenger’s largest local shareholder and stands to make $12.8 million from the deal.