(Adds details on offer)
LONDON, Feb 3 (Reuters) - The independent directors of
British advertising group M&C Saatchi have rejected
another takeover approach from its biggest shareholder Vin
Murria, but agreed to continue talking to see if a deal can be
done.
M&C said in a statement on Thursday that the latest offer
from Murria's AdvancedAdvT acquisition vehicle still undervalued
the firm but they were willing to continue talks after they
discussed the proposition with other shareholders.
As a result a takeover panel deadline, set for later on
Thursday, has been pushed back until March 3.
Under the latest offer, Murria's acquisition vehicle offered
either a share and cash mix, or all-share bid, with both options
valuing the firm at 230 pence per M&C share. Advanced said that
was a 44% premium to the pre-approach share price.
The latest offer would value M&C, known for its historical
advertising links to the ruling Conservative Party, at around
281 million pounds ($381 million).
"The Independent Directors believe that it is in the best
interests of all stakeholders in M&C Saatchi to continue to
engage constructively in discussions with AdvT," M&C said.
($1 = 0.7377 pounds)
(Reporting by Kate Holton; editing by Alistair Smout and Jason
Neely)
M&C Saatchi (SAA)
