Bcom3 Vote Is Next

Publicis’ acquisition of Bcom3 remains on track for a mid-August close after clearing two hurdles last week.

Last Tuesday, Publicis shareholders voted in favor of the $3 billion transaction. The next day, the European Union said it would not oppose the deal.

Executives at Bcom3 are now responding to comments from the Se curities and Exchange Commission regarding its F-4 registration statement that was filed in May [Adweek, May 13]. Once those are addressed, the final vote of Bcom3 shareholders will be scheduled.

“We’re responding to their comments and expect to be in a position to issue the prospectus to our shareholders soon,” wrote Bcom3 CEO Roger Haupt in a memo to shareholders. “We have every intention of meeting our revised August/September time frame for closing the deal.”

The two holding companies an nounced their plans to merge in March of this year. The deal requires only a simple majority approval of Bcom3’s roughly 660 shareholders.

The merger will create marketing’s fourth largest holding company, with revenue of more than $4 billion annually. Tokyo-based Dentsu, which owns 20 percent of Chicago-based Bcom3, will have a 15 percent share in the merged company.

Shareholders will receive a package of cash, Publicis stock and securities in the deal that a preliminary estimate valued at $172 per share. Bcom3 has roughly 15.3 million shares of Class A common stock.