M&C Saatchi dodges hostile takeover as offers lapse
M&C Saatchi has dodged its hostile takeover, with offers from both Next 15 and AdvancedAdvT lapsing.
The advertising titan confirmed that directors were unable to back the conditions outlined in Next 15’s “Scheme Document”, and the offer had now expired.
Although Next 15 cleared its final regulatory hurdle earlier this month, the offer needed some 75 per cent of the voting M&C shareholders to back it.
The deal was first valued at 247p per share, or around £310m, but this has since fumbled to 167.7p, with the group valued at £205m, due to market volatility, Morning Wire reported in recent weeks.
Businesswoman Vin Murria and her investment vehicle AdvancedAdvT, who own approximately 22.3 per cent of M&C shares, had launched their own unsuccessful takeover approach for the company.
Murria had already committed to vote against the Next 15 offer, stating that it undervalued the company.
M&C said directors believe in a “strong, standalone future” for the firm.
“Following the lapse of both the Next 15 Offer and the ADV Offer, the M&C Saatchi Directors look forward to continuing the implementation of M&C Saatchi’s strategy as an independent business,” it said.