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(Alliance News) - M&C Saatchi PLC on Monday said it has removed Vin Murria from its board as non-executive director with immediate effect.
M&C Saatchi is a London-based advertising agency that is the object of takeover tussle involving Murria.
M&C Saatchi said that, in light of the offers for the company by each of AdvancedAdvT Ltd - of which Murria is the executive chair - and Next Fifteen Communications Group PLC, it is "not appropriate" for Murria to be proposed for re-election as a director at its annual general meeting on June 30.
Vin Murria and her company AdvancedAdvT own just over 22% of M&C Saatchi's share capital as of May 20. In May, M&C called AdvancedAdvT's offer an "unsolicited hostile offer" and "derisory" and told shareholders to reject it, after AdvancedAdvT said it had acceptances totalling a 43% stake in M&C Saatchi.
AdvancedAdvT has been trying to buy all of M&C since January after grabbing a 9.8% stake in the London-based advertising agency.
In May, Next Fifteen Communications announced it has reached agreement with independent directors of M&C Saatchi on a cash-and-shares takeover offer worth 247.2 pence per share.
The deal between M&C Saatchi and Next Fifteen represents a 48% premium to M&C Saatchi's closing price of 167.5p on January 4, the last business day before AdvancedAdvT, a London-listed acquisition vehicle led by Murria, said it had taken a minority stake. AdvancedAdvT also is backed by Marwyn Investment Management.
Under AdvancedAdvT's offer in May, shareholders in M&C Saatchi will for each share held either receive 2.043 new shares in AdvancedAdvT and 40p in cash, or receive 2.530 new AdvancedAdvT shares. AdvancedAdvT on May 20 reiterated its offer is final and will not be increased.
At the time of the offer, it valued each M&C share at 207.5p, about 40p lower than Next Fifteen's offer. Next Fifteen's acquisition deal values M&C at about GBP310.1 million. AdvancedAdvT's proposal valued M&C lower, at GBP253.6 million.
M&C Saatchi was founded in 1995 by ad executives Charles Saatchi and brother Maurice Saatchi, who also were behind renowned ad agency Saatchi & Saatchi.
Meanwhile on Monday, Next Fifteen said it has bought two companies for undisclosed sums, Green Leads Holdings LLC and IT Telemarketing Services Ltd. With them, Next Fifteen aims to strengthen its largest businesses in its customer delivery segment, it explained.
M&C Saatchi shares were 1.3% higher at 197.50 pence each in London on Monday morning.
By Tom Budszus; tombudszus@alliancenews.com
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