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Today's FT hints at SAA coming round to the idea of a merger:
"In an apparent softening of its opposition, however, the company also said that following talks with other large shareholders, 'the independent directors believe that it is in the best interests of all stakeholders in M&C Saatchi to continue to engage constructively in discussions with AdvT'."
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The "other large shareholders" then may have expressed that they may be interested at the right price.
Suspension prevents us from buying the suitor, but I agree that a failure of the deal will most likely result in a price recovery there.
Also, “The impact on culture” is an oblique reference to the likelihood that there will be a mass exodus of SAA talent. In fact I’m surprised that they’ve agreed a month’s extension. There are a lot of people (and possibly some clients) who will be unnerved by this process. New business drive will also be compromised...
Led, I agree.
The independent directors are saying - lets see your plans because if this goes through you will be controlling the company and therefore investor returns. Vin and co have been given a month to flesh it out.
For me next step will probably be to buy shares in the suitor thinking they might rise if the bid fails??
For me, this is the key paragraph in today’s RNS:
On 28 January 2022 certain of the Independent Directors together with a representative of their financial advisers met with Vin Murria and Marwyn Investment Management ("Marwyn"), the two largest shareholders of AdvT. At the meeting, those Independent Directors reiterated the concerns previously raised in the Company's announcements of 7 and 24 January 2022, including the continued undervaluation of the Company; the strategy of the enlarged AdvT group and, in particular, the lack of clarity over the deliverability of, and execution risk associated with, their proposed 'digital-led M&A' strategy; the impact on culture; how AdvT intends to ensure the retention and appropriate incentivisation of M&C Saatchi 's key management and employees; and the valuation of AdvT's ordinary shares.
I mentioned the point about key SAA executives in a previous post. I really cannot see the deal going through.
Problem here is that the would be acquirer is much smaller and is trying to buy us with paper. It is all about who can run saa the best imv.
https://www.nasdaq.com/articles/mc-saatchi-deal-deadline-likely-to-be-extended
Should be an interesting 10 days with results due ....the management have been bigging up the performance of the business and using current run rate as an "undervalued" defence re the bid
Also we will see the next move from ADVT?
When a company is in a bid situation, TR1 holders have to declare their position size.
Does anyone know what these 8.3 and 8.5 RNS actually mean ?....Thanks
Somebody bought £6m worth after hours yesterday. Is ADVT closing in, or is someone else interested?
Totally agree, but as they now have 22% of SAA they could create real bother for anyone else wanting to come in.
Lets hope for a bidding war - however for me the current bid - to buy with paper is a bit of a nonsense as the bidder is half the size of saa.
Sky are now saying SAA are reaching out for other bidders. so I may well be wrong!!!!
https://news.sky.com/story/m-c-saatchi-suitor-advancedadvt-sweetens-bid-with-cash-12523623
New offer to include 40p cash as well as shares in ADVT.
Unlikely. SAA need to make the transition to more electronic business. SFOR are already there, and have Sorrell to make all the necessary business connections. ADVT is probably the only likely deal, unless a US firm comes in. The only likely alternative is maintaining the status quo, and if that happens Murria will depart and we will see a sell off.
I note the speculation in respect of M+C Saatchi being subject of speculation involving AdvancedAdvT Ltd.
My M&C Saatchi not be of interest to a fast expanding Martin Sorrels S4Capital or WPP, particularly given the improving trading?
A buy for me, either the bid suceeds which has some upside or the bid fails and the company prospers further as the economy re opens.
I’m holding too. Before the financial scandal the share were at £4, the company has restructured and now in much better shape operationally and financially. These were a LTH for me before the unsolicited offer. It makes me angry.
A few more sharks circling, the update should stave them off. I await the next offering and won't be selling just yet, a hold for me.
Results to be materially ahead, and FCA investigation closed. Firm doing very well, but will we????? Any movement here on volume will be a real indicator of what is to happen.
True, but irrelevant tp. They probably already have the numbers to push this through. Directors selling up and moving on confirm this. The only uncertainty is exactly what we will receive for our oldings. There will be no cash, so it is what proportion of the company we will hold that is yet to be decided.
https://www.londonstockexchange.com/news-article/SAA/directorate-change/15292798
CFO has gone. Search for replacement in progress. Not good.
But surely the business is worth more than £2 a share and we haven’t see the full year’s figures yet.
Management bailing out is a VERY bad sign. They seem to be rolling over under pressure from VM. My guess is the takeover will go through more or less as offered, management depart much richer, and a new path will be taken.