NEXT 15 cleared its final regulatory hurdle this morning as the London media firm hopes to finalise a deal to takeover M&C Saatchi after months of turbulence.
The media firm said it had received confirmation from the Committee on Foreign Investment in the United States (CFIUS), paving the way for a successful takeover.
It follows the Competition and Markets Authority (CMA) not wishing to probe the offer any further or open an inquiry into the takeover.
However, the offer still needs some 75 per cent of the voting M&C shareholders to back the offer, including businesswoman Vin Murria who tabled her own lapsed bid for the firm via investment vehicle AdvancedAdvt.
This may prove a tricky task given the fact that Murria and her vehicle, which own around 22 per cent of M&C, said in an August statement that they intend to vote against the takeover scheme by Next 15.
In a recent interview with Campaign, Next 15 boss Tim Dyson described the bidding war for M&C Saatchi as “like a soap opera” that had “dragged on a lot longer than any of us probably wanted it to.”
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, CityAM reported in recent weeks.
M&C management has already said it would not back the offer in its current form however the deal received support from Peel Hunt brokers earlier this month.
“Versus it’s peer set, we believe Next 15 will be the best to weather the storm if the macro worsens in the near term,” brokers added.