AdvancedAdvT Ltd - London-based acquisition vehicle - Announces that its current offer for London-based advertising agency M&C Saatchi PLC - where for each share held shareholders can receive either 2.043 new shares in the London-based acquisition vehicle and 40 pence in cash, or receive 2.530 new AdvancedAdvT shares - is final and will not be increased.
On Tuesday, M&C Saatchi called the offer "derisory" and advised shareholders to reject the bid. On Wednesday, AdvancedAdvT stated its disagreement and confirmed the receipt of a non-binding letter of intent from Crux Asset Management Ltd confirming it intends to accept the offer in respect of its 0.5% stake in M&C Saatchi. AdvancedAdvT, along with shares it already owns, has now received irrevocable undertakings and letters of intent of around 43.0% of M&C Saatchi shares.
On Friday, Next Fifteen Communication Group PLC said it has reached a cash-and-shares offer agreement with independent directors of M&C Saatchi PLC to buy the firm.
Next Fifteen offered 0.1637 of a Next Fifteen share and 40 pence in cash for each M&C Saatchi share, valuing M&C shares at 247.2 pence each.
Current AdvancedAdvT stock price: 87.71 pence, up 6.3% on Friday
12-month change: down 26%
Current M&C Saatchi stock price: 215.00 pence, up 30% on Friday
12-month change: up 72%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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