M&C Saatchi UK is holding firm and has rejected tech tycoon and it’s biggest shareholder Vin Murria’s new and improved offer.
Reuters has reported that Murria’s AdvanceAdvT announced that it had offered two new options to the agency. One included cash and value around 200 pence – so an alternative structure.
The other all-share offer for M&C Saatchi involves no cash but the pence value would be 220. Basically, it was offering more – either way.
Particuarly when you remember that previously, the deal currently on the table was 1.86 new by AdvancedAdvT shares for each M&C Saatchi share.
However, despite the improved offer the independent directors gave a firm not their largest shareholder and pretty clearly.
A pretty big statement against Murria’s considering she owns 12.5 per cent of M&C directly, while AdvancedAdvT the company she is chairman of owns 9.8 per cent.
Their reasoning? They felt the deal was still undervaluing the agencies prospects. Still, it does sound like Murria’s is on a bit of a mission so perhaps a new offer is already being created.
