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Jan 23 (Reuters) - AdvancedAdvT has made a fresh
takeover offer for advertising giant M&C Saatchi which
includes a partial cash alternative for investors in the British
group, Sky News reported https://bit.ly/3nMRE0f on Sunday.
AdvancedAdvT is the vehicle of software entrepreneur Vin
Murria, M&C's deputy chairman and biggest investor.
AdvancedAdvT submitted a revised bid to the board of M&C
Saatchi late last week, which included roughly 40 pence-a-share
in cash, a shift from the initial all-share offer, Sky News
said, citing City sources.
M&C could not immediately be reached for comment.
AdvancedAdvT declined to comment.
The advertising group had said on Jan. 7 that it did not see
much merit in a possible all-share takeover instigated by its
biggest investor.
Shares in M&C fell early on Jan. 7, when AdvancedAdvT said a
takeover proposal would be in shares, and tumbled again when M&C
gave its response later in the day to close down more than 12%.
Murria owns 13% of AdvancedAdvT, in which private equity
group Marwyn is the biggest shareholder. She also owns 12.5% of
M&C directly, while AdvancedAdvT owns another 9.8%.
(Reporting by Vishal Vivek in Bengaluru
Editing by Gareth Jones and Susan Fenton)
