The investment vehicle spearheaded by tech tycoon Vin Murria has launched a fresh takeover bid for M&C Saatchi today which values the advertising giant at £253.6m.
In a statement today, Murria’s AdvanceADVT tabled two options to M&C investors that would allow them to choose to receive either a combination of cash and shares, or an all share offer of 2.530 new shares for each M&C shares, with both options valuing the firm at 207.5p per share.
The fresh offer from Murria marks an effort to circumvent the advertising giant’s top brass and gain the support of shareholders, after she said recommendations from the firm’s independent directors “has not been forthcoming” despite attempts to engage since January.
“With today’s announcement we are seeking the support of M&C Saatchi Shareholders in addition to those shareholders holding 20.2 per cent,” of the M&C Shares who have already indicated their support,” Murria, Chair of ADV, said today.
Murria added that she was “delighted” that Christopher Sweetland, former Deputy Group Finance Director of WPP Group; Tamara Ingram, ex-CEO and Chair of Saatchi and Saatchi UK; and Paul Gibson, who was Chief Operating Officer of Advanced Computer Software, had agreed to join the enlarged group after a successful merger as non-executive directors.
The combination of M&C’s brand with ADV’s investment capital would provide a “tremendous opportunity” to accelerate M&C Saatchi’s digital growth strategy, organically and by acquisition, Murria said.
AdvanceADVT’s, which is already M&C’s top shareholder, had a previous all-share bid rebuffed by M&C on the grounds it did not reflect its expected future growth.
Shares in M&C jumped over 11 per cent in early trading this morning after the announcement, before settling to trade up 5.77 per cent on their opening price as of 9:55am.
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
