Advertising giant M&C Saatchi steps up fight against rival’s ‘derisory’ £254m takeover offer
M&C Saatchi has stressed again its rejection of the ‘derisory’ £254million takeover offer from its largest shareholder.
The advertising giant said it still urges shareholders to ‘take no action’ in response to the bid from rival Advanced AdvT (ADV) .
M&C said all 18 members of its executive committee are opposed to the ADV offer. A spokesman said directors ‘continue to believe the ADV offer is derisory’.
‘Derisory’: M&C Saatchi said it continues to urge shareholders to ‘take no action’ in response to Advanced Advt’s bid adding that the offer was lower than current values
M&C’s bosses also branded the bid as carrying a ‘high risk of damaging culture, triggering a talent exodus, revenue loss and value destruction’.
ADV last week said it had received acceptances for its offer for M&C Saatchi from shareholders owning 12.77 per cent of its issued share capital, and therefore controlled 22.59 per cent of M&C.
While rejecting ADV’s advances, M&C has left the door open for a 247.2p-a-share offer from Next Fifteen Communications.
M&C shares fell 3.5 per cent, or 5.5p, to 153.5p.