Incepta sells stake in Lopex

Click to follow
The Independent Online
INCEPTA, THE pounds 155m public relations outfit, yesterday withdrew its pounds 47.9m bid for the communications group Lopex and walked away with pounds 12.1m profits from the sale of its 26.6 per cent stake.

Havas Advertising, the French advertising conglomerate which made a pounds 67m all-cash bid for Lopex on Thursday, had yesterday secured acceptances for its bid from more than 50 per cent of shareholders.

Incepta, which owns Citigate Dewe Rogerson, the PR group, began building its stake in Lopex in April 1997 at a total cost of pounds 5.5m, an average purchase price of 37.6p a share. The Havas bid is worth 120p a share. A spokesperson for the group said that its chairman, Bob Morton, stood to pocket a pounds 1.3m profit from his 3 per cent stake in Lopex.