Aegis holders tender all 2.5% convertibles due 2015 under Dentsu offer

By Susanna Moon

Chicago, April 12 - Aegis Group Capital (Jersey) Ltd.'s holders tendered all £190.6 million 2.5% convertible bonds due 2015 under the change-of-control offer by Dentsu Inc.

The offer ended at noon ET on April 11, with settlement set for April 17, according to a press release by Dentsu. The offer began on March 14.

The notes are guaranteed by Aegis Group plc, and the offer was related to Dentsu's acquisition of Aegis, completed on March 26, as previously noted.

The change-of-control amount was set at £172,512 per £100,000 principal amount of Aegis convertible bonds, based on a conversion price of £1.3912.

The offer amount was £173,762 per £100,000 principal amount of convertibles, provided that settlement of the cash offer occurred by April 19.

As a result of the change of control, bondholders could convert their bonds during the change-of-control period through May 27, at the change-of-control exchange price of £1.3912. The exchange price immediately prior to the change of control was £1.5926, according to a previous company notice.

The notes were also putable, with a change-of-control put date of June 14.

The company noted that the closing price of the shares on the London Stock Exchange as of March 25 was 239.8p per share.

Aegis is a media and digital communications group based in London. Dentsu is a Tokyo advertising and public relations company.

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