M&C Saatchi confirms takeover approach from director's company

(Sharecast News) - M&C Saatchi confirmed on Thursday that it has received a preliminary approach from AdvancedAdvT, a vehicle connected with director Vin Murria, over a possible offer for the company, following recent speculation in the press.
The AIM-traded communications and media agency said no formal proposal had been received as yet, but it said it had been told to expect one in the near term.

"Accordingly, there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made," the M&C Saatchi board said in its statement.

Vin Murria is both a director of M&C Saatchi, and the executive chairperson of AdvancedAdvT.

As such, if a proposal was received, M&C Saatchi said it would convene an independent committee to consider it.

"A further announcement will be made in due course.

"In the meantime M&C Saatchi shareholders are advised to take no action."

The company also updated shareholders on its performance, reporting that the new strategy it announced in the first quarter of 2021 was already delivering.

It said its performance was "consistently exceeding" expectations, demonstrated by the recent succession of positive trading upgrades.

At 0954 GMT, shares in M&C Saatchi were up 8.24% at 204.58p.