British advertising group M&C Saatchi withdraws its support for the Next Fifteen offer

A person stands at the reception desk of M&C Saatchi’s office in central London, Britain January 6, 2022. REUTERS/Henry Nicholls

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June 17 (Reuters) – British advertising group M&C Saatchi (SAA.L) has withdrawn its support for consultancy firm Next Fifteen’s 310 million pound ($380.71 million) takeover bid. NFC.L), because he could no longer find the words “fair and reasonable”. , under pressure from a competing bidder.

M&C Saatchi said in a statement on Friday that the only reason for its withdrawal was due to the deterioration in the value of Next Fifteen Communications Group’s shares, which are down about 28% since the deal was announced.

M&C, founded in 1995 by brothers Maurice and Charles Saatchi, struck a deal with Next Fifteen last month, fending off a competing bid from the AdvancedadvT investment vehicle of its biggest shareholder Vin Murria. Read more

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Earlier this month, the ad company removed Murria from its board after accepting the Next Fifteen deal and rejecting an offer from AdvancedadvT, which had asked M&C to clarify its analysis of the financial terms of the deals. competitors. Read more

With its board unanimously recommending that shareholders vote against Next Fifteen’s offer, M&C said it viewed both offers as falling short of the company’s standalone outlook, based on financial terms alone.

“However, should these standalone prospects not be able to be delivered as planned, the directors of M&C Saatchi consider the Next 15 offer to be superior to the ADV offer and Next 15 the preferred future owner,” did he declare.

($1 = 0.8143 pounds)

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Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich

Our standards: The Thomson Reuters Trust Principles.

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