AdvancedAdvT Ltd - London-based acquisition vehicle - Notes Tuesday's rejection by London-based advertising agency M&C Saatchi of AdvancedAdvT's takeover offer. M&C Saatchi called the offer "derisory" and advised shareholders to reject the bid. Under AdvancedAdvT's most recent offer, shareholders in M&C Saatchi will for each share held either receive 2.043 new shares in the London-based acquisition vehicle and 40 pence in cash, or receive 2.530 new AdvancedAdvT shares.
AdvancedAdvT does not believe its offer undervalues M&C Saatchi and adds that it has received a non-binding letter of intent from Crux Asset Management Ltd confirming it intends to accept the offer in respect of its 0.5% stake in M&C Saatchi. AdvancedAdvT, along with shares it already owns, has now received irrevocable undertakings and letters of intent of around 43.0% of M&C Saatchi shares.
Current AdvancedAdvT stock price: 80.25 pence, down 2.7% in London on Wednesday
12-month change: down 34%
Current M&C Saatchi stock price: 162.80 pence, up 2.0% on Wednesday
12-month change: up 345
By Lucy Heming; lucyheming@alliancenews.com
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