(Sharecast News) - UK ad agency M&C Saatchi on Monday removed Vin Murria, its largest shareholder, from its board, the company said, after rebuffing his bid to take over the company.
The company last month snubbed a £254m takeover offer from Murria's AdvancedadvT investment vehicle, recommending instead a rival £310m offer from consultancy Next Fifteen.
In a stock exchange filing, M&C Saatchi said its independent directors had concluded that it was inappropriate for Murria to be proposed for re-election as a director at the company's annual shareholders meeting on June 30.
"Therefore, the independent directors have resolved that Vin Murria be removed from the board with immediate effect and no resolution for Vin Murria's re-election be presented at the AGM," the company said.
M&C Saatchi (SAA)