(Alliance News) - Advertising agency M&C Saatchi PLC on Thursday once again called on its shareholders to reject a takeover bid by AdvancedAdvT Ltd, after the latter moved to expedite proceedings.
AdvancedAdvT said acceptances for its offer must now be received on by 1300 BST on September 30.
"ADV had a series of positive meetings during July with the members of the M&C Saatchi executive committee. Consequently, ADV believes that the M&C Saatchi executive committee is committed to M&C Saatchi's future and looks forward to working with them," AdvancedAdvT said.
However, M&C Saatchi in response said it continues to "unanimously recommend" that its shareholders reject AdvancedAdvT's approach.
M&C has been the object of a takeover battle between AdvancedAdvT and AIM-listed Next Fifteen Communications Group PLC. AdvancedAdvT is M&C's largest shareholder and it is chaired by Vin Murria, a former member of M&C's board.
Next Fifteen offered 0.1637 of a Next Fifteen share and 40 pence in cash for each M&C Saatchi share. 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.
Both takeover offers include a share-based acquisition element instead of an all-cash option that would keep the value of a possible transaction at a fixed tangible price.
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.
By Eric Cunha; ericcunha@alliancenews.com
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M&C Saatchi (SAA)
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