Advertising group M&C Saatchi has rejected an improved takeover approach from the acquisition vehicle of its top shareholder Vin Murria, saying on Monday it still significantly undervalued its prospects, Reuters reports.
Murria’s AdvancedAdvT said today it had floated two options, one an all-share offer that values each M&C share at around 220 pence or an alternative structure that includes some cash and values them at around 200 pence.
It said the paper offer represented a 20.7% increase on its previous proposal, but that the agency’s independent directors rejected it late on Sunday.
AdvancedAdvT, the vehicle of the software entrepreneur Murria that is also backed by private equity group Marwyn, has said it would combine its digital capabilities with the brand recognition of M&C, and invest heavily to help it better compete, including with acquisitions. Read more.
