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(Alliance News) - Next Fifteen Communications Group PLC on Tuesday said its own shareholders backed the acquisition of M&C Saatchi PLC, though it expects the advertising company's investors to reject it when they have their say later this month.
The London-based digital marketing firm said 87% of shares cast voted for the acquisition at its reconvened general meeting, while only 13% voted against. The motion achieved the requisite majority, and duly passed.
As noted on October 21, Next Fifteen does not expect its scheme to be approved by M&C Saatchi shareholders at the company's general meeting, called for October 31.
Although M&C Saatchi initially supported the offer, its board withdrew support "solely on the basis of the deterioration in value of a Next Fifteen share" since the offer was first made in May.
The company added that its directors "resolutely believe in the strong standalone prospects of M&C Saatchi".
Also blocking Next Fifteen are London-listed takeover vehicle AdvancedAdvT Ltd and its chair Vin Murria, who together hold 22% of M&C Saatchi shares and are legally bound to vote against the scheme.
AdvancedAdvT's rival offer for M&C Saatchi lapsed at the end of last month.
Next Fifteen shares were trading 2.1% higher at 887.00 pence in London on Tuesday afternoon.
By Holly Beveridge; hollybeveridge@alliancenews.com
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