Havas to Buy Snyder Network

French File With SEC in Proposed Acquisition of Arnold Parent
BOSTON– Havas Advertising last week filed an F-4 registration statement with the U.S. Securities and Exchange Commission, bringing closer to completion its proposed acquisition of Snyder Communications, parent of Arnold Communications, Brann Worldwide, Bounty SCA and Circle.com.
The filing is a standard procedure for foreign companies involved in certain U.S. business transactions.
“The public filing of the registration statement marks an important milestone as we move into the final stretch in completing the Snyder acquisition,” said Havas chairman Alain de Pouzilhac in a statement. “We have made excellent progress and remain on track for a late September filing.”
Following the close of the $2.1 billion stock acquisition of the Bethesda, Md., holding company, Havas shares will be traded on the Nasdaq Exchange under the HADV symbol. Havas, the French communications conglomerate, will pay Snyder investors $29.50 per share to acquire that firm. Havas already trades publicly in France on the Paris Stock Exchange.
Initially expected to close in the spring, then in July, the deal has been delayed mainly due to the complexity of Havas’ filing with the SEC, according to Ed Eskandarian, chairman of Arnold Communications [Adweek, July 10].
Arnold in Boston will become the lead agency in Havas’ Campus network once the acquisition is complete. Bounty will operate as a unit of Havas’ other major network, Euro RSCG Worldwide, which is headquartered in New York. Brann Worldwide and Circle.com will report to the company’s Diversified Agencies Group in Paris.
Separately, Havas reported a billings increase of 39 percent to 4.9 billion euros–roughly $4.4 billion based on the current rate of exchange–for the first half of 2000, compared with the same period a year ago. Net new business in the first half of 2000 rose 41 percent to about $1.2 billion, compared to the same period in 1999. K