M&C Saatchi steps up fight against ‘derisory’ £254m takeover offer
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Advertising giant M&C Saatchi steps up battle against rival’s ‘derisory’ £254m takeover bid
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M&C Saatchi has reaffirmed its rejection of the £254m takeover bid from its largest shareholder.
The advertising giant said it is still urging shareholders to “take no action” in response to rival Advanced AdvT (ADV)’s offer.
M&C said all 18 executive committee members are against the ADV offer. A spokesperson said drivers “continue to believe the ADV offer is preposterous.”
‘Ridiculous’: M&C Saatchi said it continues to urge shareholders to ‘take no action’ in response to Advanced Advt’s offer, adding that the offer was below current values
M&C bosses also labeled the bid a “high risk of damaging culture, causing an exodus of talent, loss of revenue and destruction of value.”
ADV said last week that it had received acceptances for its offer for M&C Saatchi from shareholders who owned 12.77 percent of the issued share capital, thus holding 22.59 percent of M&C.
While M&C rejects ADV’s advances, M&C has left the door open for an offer of 247.2pa shares from Next Fifteen Communications.
M&C shares fell 3.5 percent, or 5.5 pence, to 153.5 pence.