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LONDON, Jan 6 (Reuters) - British advertising group M&C
Saatchi said on Thursday it had received a preliminary
approach from Vin Murria, a software entrepreneur and director
of the company, which could lead to a takeover offer.
It said no proposal or terms had been received but the board
had been told to expect one. Businesswoman Murria is both a
director of the company and the executive chairperson of
AdvancedAdvT Limited.
"The board confirms that the new strategy announced in Q1
2021 is already delivering, with the company's performance
consistently exceeding expectations, demonstrated by a
succession of positive trading upgrades," the group said in a
statement.
M&C, which produces advertising and content for groups
including Amazon's Audible, Zipcar and EDF, has endured a
tumultuous couple of years after an accounting scandal in 2019
caused its shares to be temporarily suspended.
Founded in 1995 by brothers and ad moguls Maurice and
Charles Saatchi, M&C has steadily recovered and undergone a
strategic review led by CEO Moray MacLennan, although its shares
remain well below 2019 levels.
It had a market valuation of just over 200 million pounds
this week before Murria raised takeover speculation by
announcing her acquisition vehicle had bought 10 percent of the
shares.
(Reporting by Kate Holton; Editing by Alistair Smout and Paul
Sandle)
