Aegis expects Dentsu transaction to complete in March

FTSE 250-listed media and digital communications group Aegis has provided an update on the proposed time frame of its transaction with Japanese advertising and public relations company Dentsu.

The group reported that the First Court Hearing is expected to take place on March 22nd 2013 and the Second Court Hearing is expected to take place on March 26th 2013.

"Subject to the scheme becoming effective in accordance with the scheme document, Dentsu and Aegis can further confirm that the scheme is expected to complete on 26 March 2013," Aegis' update reported.

Background: Dentsu cash offer for AegisOn July 12th 2012, the boards of Dentsu and Aegis Group jointly announced that they had reached agreement on the terms of a recommended cash offer by Dentsu for Aegis.

Shareholders approved the transaction at shareholder meetings on August 16th 2012.

On February 11th 2013, Dentsu and Aegis agreed to extend the long-stop date for the acquisition from February 28th to March 28th.

Aegis' share price was up 0.38% to 239.40p at 10:30 on Wednesday morning.

MF