21st Oct 2022 12:09
Next Fifteen Communications Group PLC - London-based digital marketing firm - Admits that takeover offer for London-based advertising agency M&C Saatchi PLC is unlikely to be approved by M&C Saatchi shareholders at a general meeting called for October 31. London-listed takeover vehicle AdvancedAdvT Ltd and its chair Vin Murria, who together hold 22% of M&C Saatchi shares, are bound to vote against the scheme, due to a previous statement, Next 15 notes. AdvancedAdvT's rival offer for M&C Saatchi lapsed at the end of last month. While the board of M&C Saatchi at first had favoured Next Fifteen's offer, a decline in the Next Fifteen share price caused the M&C Saatchi board in June to withdraw support for the offer, which was a mix of cash and shares.
M&C Saatchi on Friday says its board views the Next 15 offer "to not be fair and reasonable solely on the basis of the deterioration in value of a Next 15 share" since the offer was first made in May. The company adds its directors "resolutely believe in the strong standalone prospects of M&C Saatchi".
Next Fifteen says the outcome is "disappointing", but it "remains highly confident in the Next 15 group's future prospects". Strong trading in the first half of the year has continued into the third quarter, Next Fifteen says, and it expects the full-year result to be "at least in line with management expectations".
Next Fifteen current stock price: 814.00 pence
12-month change: down 32%
By Tom Waite; [email protected]
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