M&C Saatchi has rejected a fourth-time takeover offer from its biggest investor and tech entrepreneur, Vin Murria. According to the agency, the offer worth 253.6 million pounds undervalued its business.
AdvancedAdvT, which is Murria’s acquisition vehicle, had earlier announced a fresh offer which gave the British advertising agency a choice between receiving 2.530 new AdvancedAdvT shares for each share held or a mix of cash and shares.
The company said its independent directors have also unanimously rejected the offer. M&C Chairman Gareth Davis said, "I urge shareholders to reject this bid as it significantly undervalues the business and prospects of M&C Saatchi.”
Vin Murria and AdvancedAdvT own 22.3% of the Britain-based agency’s shares.
AdvancedAdvT in February had also made an all-stock approach which was rejected by the agency.
M&C Saatchi was founded by advertising veterans and brothers Maurice and Charles Saatchi, the agency is one of the most well-recognised agencies around the world.
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