Interpublic's Offer for Brands Hatch Declared Unconditional
NEW YORK, Dec. 1 /PRNewswire/ -- The Interpublic Group of Companies, Inc. (NYSE: IPG) is pleased to announce that its previously disclosed tender offer for Brands Hatch Leisure PLC had been accepted by more than 90% of the Brands Hatch shares outstanding and that the offer has been declared wholly unconditional. The offer will remain open until 3pm on December 14, 1999 so that those shareholders who have not yet tendered their shares will have an opportunity to do so. Brands Hatch is the largest single organizer and promoter of motorsport events in the United Kingdom, owning and operating four motorsport circuits there. Brands Hatch will become part of Octagon, Interpublic's sports marketing and entertainment division. Through its specialist motorsports division, Octagon Motorsport, Octagon is a leading owner and manager of international motorsports series, including the Superbike World Championship. Interpublic believes that the combination of Brands Hatch's proven promotional and track management skills, and Octagon's series ownership, international network and financial resources will create a powerful new force in motorsports.