Takeover talks for M&C Saatchi have been extended once again as serial tech entrepreneur Vin Murria continues to eye up the ad giant.
Stockmarket regulations had initially told Murria’s investment vehicle AdvancedAdvT to “put up or shut up” by 5pm today after an initial extension was granted at the start of February.
However, it was agreed this morning that AdvancedAdvT could have until 31 March to announce a renewed offer.
It comes after directors suggested that the current offer undervalues the company, not reflecting the company’s future growth. It previously said it sees little merit in a deal that does not offer its shareholders a full premium.
Founded in 1995 by ad mogul brothers Maurice and Charles Saatchi, M&C has been making a slow but steady recovery since the infamous 2019 accounting scandal; last September, M&C Saatchi reported net revenue was up 14 per cent to £118m in its half-year results, exceeding market expectations.
Meanwhile Murria is M&C’s deputy chairman and biggest investor. She owns 12.5 per cent of M&C directly, while AdvancedAdvT owns another 9.8 per cent.
The British businesswoman made her name by founding Advanced Computer Software until it was acquired in 2015.