May 20, 2022
M&C Saatchi agrees £310mn takeover by Next Fifteen
M&C Saatchi has agreed a £310mn takeover by Next Fifteen, days after the advertising group rejected a lower "Hostile" offer from the investment vehicle of its largest shareholder Vin Murria. "Bringing M&C Saatchi into the Next Fifteen group provides us with a step change in our scale and global reach," he added. MacLennan, M&C's chief executive, has backed the tie-up with Next Fifteen, describing it as a "Powerful accelerator" for the group's next phase of growth. Davis, a former Imperial Tobacco chief executive, expressed his support for "This alternative, more attractive offer which we are confident is in the best interest of M&C". He said the independent directors "Consider Next Fifteen's offer to be far superior to the offer announced earlier this week by ADV, and a clear repudiation of ADV's response statement that it strongly disagreed its bid undervalued M&C". The Next Fifteen offer represents a 50 per cent premium on M&C's share price of 165p on Thursday. M&C shareholders would be entitled to 40p in cash and 0.16 new Next Fifteen shares.
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