VIN MURRIA and her investment vehicle AdvancedAdvt pushed to bring the final offer process to a close as the hostile takeover of M&C Saatchi continues on.
The entrepreneur and AdvancedAdvt (ADV), which already own 22.3 per cent of the advertising giant, have been locked in to a dramatic tussle with rival suitor Next Fifteen to nab the firm.
In an update this morning, ADV announced that the new closing date of the final offer is now 30 September.
It said it did not “support the status quo at M&C Saatchi continuing” and added that shareholders have “a clear choice with ADV’s Final Offer providing higher value and greater deliverability within a shorter timetable than Next Fifteen’s final offer”.
It said Next Fifteen’s offer had significantly lowered. Since the release of Next Fifteen’s firm offer announcement on 20 May, the price of its share has fallen by 36.3 per cent, from 1,266p to 806p at the close of business yesterday. Its final offer value had therefore declined to 171.9 pence per M&C Saatchi Share.
The investment vehicle said it had a series of “positive meetings” during July with M&C.
Nonetheless, the statement sits in contrast to M&C Chairman Gareth Davis’ comments this week following the company’s quarterly results.
He said M&C’s strong financial performance “reinforces the Board’s belief in a strong independent future for M&C Saatchi” after it “laid out its concerns over the low value and high risks involved in ADV’s hostile bid.”