Tech investment vehicle AdvancedAdvT has sweetened its bid for advertising group M&C Saatchi with a partial cash alternative as it pursues a takeover of the firm, according to reports.
AdvancedAdvT, led by serial tech entrepreneur Vin Murria, submitted a revised bid to the Saatchi board late last week which included a partial cash alternative for investors in the London-listed advertising giant, Sky News’ Mark Kleinman first reported.
The revised bid includes roughly 40p-a-share in cash after its initial all-share offer was rebuffed, according to Sky News.
Takeover vehicle AdvancedAdvT made initial moves for a takeover earlier this month but was rejected by the firm’s independent directors who said it did not “articulate an alternative strategy for the benefit of the company’s stakeholders beyond an initial change of control of M&C Saatchi”.
Murria, who is also deputy chair of M&C, has been pursuing a takeover of the firm with specialist acquisition company Marwyn, which has led the takeover of companies including the WeBuyAnyCar owner BCA Marketplace and Entertainment One, the owner of Peppa Pig.
Banking sources told Sky News they expected M&C to pursue alternative deals by reaching out to other potential bidders in the near future.
M&C suffered a blow in its bid to fight off the takeover last week as finance director, Mickey Kalifa, quit the firm to join digital agency Dept, owned by the private equity firm Carlyle.