Publicis in Acquisition of Pixelpark through a Public Tender Offer
January 27, 2012
Cleary Gottlieb is advising Publicis Groupe in its acquisition of German Pixelpark AG, conducted through a friendly public tender offer. Shareholders have already made binding sales commitments for more than 56.15% of Pixelpark shares. The offer period will probably start around mid-February.
The tender offer will be conducted through Publicis Groupe’s wholly-owned German subsidiary MMS Germany Holdings GmbH. MMS will offer the shareholders of Pixelpark AG a cash payment of €1.70 per share. This represents a premium of approximately 28% above the estimated weighted average stock exchange price of Pixelpark shares, €1.33, during the last three months as of January 20, 2012. The transaction is subject to approval by the Federal Cartel Office.
Publicis Groupe is the third largest communications group in the world, offering the full range of services and skills: digital and traditional advertising, public affairs and events, media buying and specialized communication. Present in 104 countries, Publicis Groupe employs 50,000 professionals.
Pixelpark is Germany's largest independent interactive service provider. With the brands Yellow Tomato, Elephant Seven and Pixelpark the firm has developed communication and eBusiness solutions for about 20 years. Pixelpark employs about 370 people in Berlin, Hamburg, Cologne, Bielefeld, Barcelona and Zurich.