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M&C Saatchi shares dive as £310m takeover talks with Next Fifteen are pushed back
M&C Saatchi and suitor Next Fifteen have postponed talks over the proposed £310 million deal for the advertising company.
Shares in M&C Saatchi dipped as its possible acquisition by the media business hit another roadblock.
In May, M&C Saatchi originally agreed to a takeover deal by Next Fifteen, but a month later said it no longer considered the move to be “fair and reasonable” after the suitor’s share price slid heavily, knocking the value of the deal.
The two parties agreed to conduct meetings on August 19, but this has been pushed back “until such time as the regulatory conditions to the acquisition have been satisfied”, Next Fifteen said.