(Alliance News) - M&C Saatchi PLC on Tuesday noted AdvancedAdvT Ltd earlier Tuesday publishing its final offer for the London-based advertising agency, and continued to recommend that shareholders reject the offer.
Earlier Tuesday, AdvancedAdvT's Executive Chair Vin Murria said, "Our all share offer for M&C Saatchi of 209.4 pence per share is notably higher than Next Fifteen Communications PLC's final offer of 198.3 pence per share."
Murria added that M&C shareholders will own between 54% and 59% of an enlarged M&C/ADV group, versus 14% of an enlarged M&C/Next Fifteen group. Last Thursday, digital marketing services firm Next Fifteen said their takeover offer is final. "We do not believe that the recent market volatility undermines the fundamental proposition of this transaction," said London-based Next Fifteen Chief Executive Tim Dyson at the time.
In May, Next Fifteen offered 0.1637 of a Next Fifteen share and 40 pence in cash for each M&C Saatchi share, while under AdvancedAdvT's offer, shareholders in M&C Saatchi would receive 2.043 new shares in AdvancedAdvT and 40p in cash, or receive 2.530 new AdvancedAdvT shares.
Shares in M&C Saatchi closed down 1.7% at 178.00 pence on Tuesday in London. AdvancedAdvT shares ended 3.3% lower at 80.05 pence, and Next Fifteen shares 1.6% lower at 952.00p.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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