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A filing by Publicis Groupe with the Securities and Exchange Commission on the French holding company’s acquisition of Bcom3 offers a glimpse into how much the deal will be worth to shareholders.
Based on Publicis stock prices as of March 5, research by Morgan Stanley estimated the value of the Bcom3 shareholder package—which includes cash, Publicis stock and equity-linked securities—at $172 per share, based on a Publicis price of 33.55 euros (about $30) per share.
The investment bank cautioned that the estimate was not an appraisal of the deal, and the value could change because of the volatility of the stock.
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