PARIS--Publicis Groupe SA (PUB.FR) has extended the tender offer
made on the shares of U.S. digital company Sapient Corp. (SAPE)
until December 23, pending an outstanding approval from a U.S.
government committee.
The French advertising company has pushed back the tender offer
from its initial closing date of Dec. 10 as it is waiting for the
green light from the Committee on Foreign Investment in the U.S.,
which examines question of national security when foreign companies
invest or acquire U.S. companies, according to Anne-Gabrielle
Heilbronner, Publicis's general secretary.
Boston-based Sapient, which specializes in digital advertising
and consultancy services, has some contracts with the U.S.
government in areas that can be seen as sensitive to national
security. Sapient Government Services, the smallest of Sapient's
three business units, provides technology and services to entities
like the U.S. Marines and the Library of Congress.
Ms. Heilbronner said the committee is examining how the
contracts Sapient holds with the different government departments
would be managed under foreign ownership to still serve the
interest of the U.S. government.
"We are absolutely not worried that we will obtain the
approval," said Ms. Heilbronner.
Obtaining the CIFUS's green light is the last remaining hurdle
for Publicis to close the Sapient deal, its largest acquisition in
digital advertising to date and in which it is counting to boost
growth in the future.
Publicis said the company had cleared all antitrust hurdles for
the deal to go ahead. In the U.S., the period under which
regulators can take action against its proposed purchase of Sapient
has expired while in Germany, authorities approved the deal without
conditions, Publicis said.
The offer on all outstanding Sapient stock at $25 a share, as
announced last month, will now expire on Dec. 23, unless it is
extended further, the company said in a statement. As of Dec. 8,
31.3 million Sapient shares, or 21.3% of outstanding shares, have
been tendered in the offer, Publicis said.
The closing of deal, expected in the first quarter of 2015,
requires Sapient shareholders to tender over 50% of the group's
shares.
Write to Ruth Bender at ruth.bender@wsj.com
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