(Alliance News) - Next Fifteen Communications PLC on Monday said its acquisition of advertising agency M&C Saatchi PLC has received two key regulatory approvals.
Next Fifteen said it received approvals under the UK National Security & Investment Act 2021 and the Australian foreign investment regulatory framework.
Backing from the Committee on Foreign Investment in the US remains. Next Fifteen expects this to be received early in the fourth quarter.
M&C Saatchi's board has previously said it does not recommend the takeover by Next Fifteen and is also against a takeover offer by AdvancedAdvT Ltd, seeing both offers as undervaluing the company. However, M&C warned that it may be prevented from delivering on its own plans as a standalone company.
Next Fifteen shares were 1.1% higher at 972.00 pence each in London on Monday morning, while M&C Saatchi shares traded 0.2% lower at 157.34p each.
By Tom Budszus; tombudszus@alliancenews.com
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