M&C Saatchi PLC - London-based advertising agency - Agrees to extend to March 3 the 'put-up-or-shut-up' deadline for AdvancedAdvT Ltd to announce a firm intention to make a takeover offer or to walk away, despite M&C Saatchi saying a new proposal from AdvancedAdvT still wasn't high enough. The ad agency said the acquisition vehicle led by one of its own directors, Vin Murria, increased its tentative offer to 1.939 new AdvT shares, plus 40 pence in cash, for each M&C Saatchi share. This is up from 1.633 shares and 40p previously. An all-share alternative would offer 2.347 AdvT shares for each M&C Saatchi share, up from 2.245 before. AdvT shares were quoted at 98.49p on Thursday. M&C Saatchi said its independent directors conferred with financial advisers Numis and Liberum and decided the increased proposal "continues to undervalue the company and its prospects and would therefore not be recommendable".
Current stock price: 185.50p, up 4.8% on Thursday
12-month change: up 95%
By Tom Waite; thomaslwaite@alliancenews.com
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