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M&C Saatchi PLC - London-based advertising agency - Board continues to unanimously reject takeover offer from AdvancedAdvT Ltd, as Friday deadline for acceptances looms. AdvancedAdvT is M&C Saatchi's largest shareholder, and it is chaired by Vin Murria, a former member of M&C Saatchi's board. Under AdvancedAdvT's offer, shareholders in M&C Saatchi would receive 2.043 new shares in AdvancedAdvT and 40p in cash, or receive 2.530 new AdvancedAdvT shares.
AdvancedAdvT on Monday says its takeover has acceptances representing 22.6% of Saatchi shares, unchanged from just over a week ago. However, Saatchi points out that that 22.3% is held already by either AdvancedAdvT or Murria, meaning only 0.3% represents other shareholders. The offer requires 90% acceptances, and its deadline is Friday at 1300 BST.
M&C Saatchi also is the object of an offer from Next Fifteen Communications Group PLC; however M&C Saatchi repeated on Monday that the board cannot recommend the Next 15 offer either, due the low Next 15 share price. Like the AdvancedAdvT one, the Next 15 offer is partially in shares.
Current M&C Saatchi stock price: 150.00 pence, down 3.2% on Monday
12-month change: down 7.4%
By Tom Waite; thomaslwaite@alliancenews.com
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