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Richjp was there and has summarised what she said over on a d v f n, as Metis said (comment at 9:11 this morning). Well worth checking out.
https://uk.advfn.com/stock-market/london/m-c-saatchi-SAA/share-chat
Vin Murria at 12:30
https://www.ukinvestorshow.com/may-2022-show/
Anyone hear Vin Murria speak at that show?
If that is true, there is no reason why this shouldn’t pop straight to ~240p tomorrow morning.
From richjp post on ADVFN this morning:-
Vin Murria was interviewed at the UK Investor Show in London yesterday. She spoke very positively about Next Fifteen and said that she believes they will take Saachi in the direction that she wanted to take the company in the first place.
joteller - absolutely it’s possible. My gut feeling says there won’t be another party enter the fray, though.
RNS confirms the irrevocable undertakings are toast which suggests the parties involved want to take the higher offer - no increased offer from ADVT. The runway is clear for the NFC offer to be accepted. Barring a 3rd party coming in with a higher offer, it looks to me like it's game on.
Nice return even from these levels thanks to the trading today. Interesting to see how it now opens next week.
Just wondering is it possible for another offer to enter the arena?
Sanchez - I tend to agree with you. But would just add that the BOD are already toxic with each other… look how they slapped down ADVT’s offer on Monday.
I don’t know Vin Murria, but she could make them sweat for a bit before agreeing. I just don’t see how ADVT can match, never mind beat NFC’s offer. And if she can’t match it, she’d surely be cutting off her nose to spite her face and all ADVT shareholders if she rejects it.
ADVT own and have irrevocable undertakings over 26.4% of the shares. This is enough to block a court approved takeover, but not a contractual takeover. I imagine the letters of intent they hold are now not worth the paper they're written on, given the handsomely better offer on the table. Blocking the deal will really annoy those who provided the letters of intent, and the irrevocable undertakings, as well as losing ADVT a very nice windfall gain on their shareholding. It would be a very bad business decision. They may though wish to posture a little to see if they can't squeeze a bit more out of NFC.
Personally I think a deal gets done. There is now a floor for the price. ADVT have to offer more or accept. If they block it, that BoD will be absolutely toxic and everyone will lose. Clearly the BoD like the NFC offer and price so Vin (whose offer is not that attractive) needs to put something more financially attractive together because she doesn't offer the scale up NFC do. For me today is about shs being collected cheaply to pocket the difference. Saw it on BCN, seen on many others. The slow ebb away of the SP is to frustrate and get ppl to bail at lows.
Have read and re read all the RNSs and can’t get mi ‘ed around this sp? Am I looking a gift horse in the mouth?
Yep, a little strange. And NFC up as well, so offer more like 250p.
Maybe the market concerned Vin Murria/ADVT May block bid. They have the shares to do so.
Remarkable that this is trading this low compared to the offer value. What a shambles lol.
The MM's are doing quite the job at building their commission. Huge amounts of shares being gifted below both offer values.
ADVT will probably accept the offer. They stand to do very well from it and it would boost their ability/firepower to go after any subsequent deal they chose.
NFC is a much better fit.
I bought in here on Monday after watching this for a long time (I previously held ADVT from issue but sold a while back after losing patience them holding the cash for so long).
Was please to see ADVT bid the next day! But wasn't sure it was going to pass... it just didn't look good enough to me. Anyway, I expected it to immediately jump to around 240p (just below the 247.5p bid) and was surprised to see it down at 210p. I doubled up at 215p and am hoping to see 230p.
Not sure what ADVT will do here. Or indeed what they can do. I don't think they have the ability to bid higher than Next 15. Clearly there is no love lost between Vin Murria/ADVT and SAA. So will she dig her heels in and refuse to lend her support to NFC's bid? They need her shares, after all!
I agree Taverham, and am slightly confused why the sp is 10% below the firm offer from Next Fifteen. Not one to look a gift horse in the mouth, I've bought some on that basis.
It is possible that ADVT will see their sp rise as a stronger platform from which to counter bid , plus others might join the fray . At current sp I can see little to no downside and think we should end around 235p today.
Now we know why SAA directors were happy to extend the PUSU deadline. This is a far better outcome for every possible reason, hence the market reaction. So glad I had patience to wait this out. Even ADVT share price has been boosted this morning…
I have bought another £4k this morning because the nfc sp is holding up making the 2.70 a real figure and current saa price too low imv.
Yes this deserved a better offer than the advt one to be honest
Looks like vin will probably sell holding for quick profit and just look for another acquisition
This is a much better match. I hold share in Next Fifteen too so am very pleased with this development.
And, I think the nfc bid is a real bid because it is from a company that is a decent size, the other mob are so tiny they are effectively buying saa with its own future cash flows as I see it.
Not sure ADVT will have the firepower, or the conviction, to effectively respond. Interesting that the directors are recommending the NFC bid.
Looks good to me as next fifteen is a much bigger and financially extablished company than the other lot. Not expecting saa shares to rise to much above £2 though - we shall see.
https://www.londonstockexchange.com/news-article/ADVT/response-to-next-fifteen-offer-for-m-c-saatchi/15461588
"The board of AdvancedAdvT notes today's announcement by Next Fifteen Communications plc regarding its offer for M&C Saatchi plc.
The board of AdvancedAdvT is considering its options. A further announcement will be made as and when appropriate."