Business
Response to Rejection from the M&C Saatchi Board
Response to Rejection from the M&C Saatchi Board.
About this update from Advancedadvt Ltd.
[{"type":"text","content":"\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\n \n \n \n \n \n \n \n \n \n 18 May 2022\n \n \n \n \n \n \n AdvancedAdvT Limited (\"AdvancedAdvT\" or the \"Company\")\n \n \n \n \n \n Response to Rejection from the M&C Saatchi Board\n \n \n \n \n \n The board of AdvancedAdvT note the announcement of 17 May 2022 from M&C Saatchi plc (\"M&C Saatchi\"), in response to the Offer to be made by AdvancedAdvT for the issued and to be issued share capital of M&C Saatchi not already owned by AdvancedAdvT (the \"Offer Shares\") (the \"Offer\").\n \n \n \n Offer Terms\n \n \n \n As set out in AdvancedAdvT's firm offer announcement of 17 May 2022, under the terms of the Offer, with improved exchange ratios against the proposal of the 3 February 2022, M&C Saatchi Shareholders will be entitled to receive:\n \n \n ·\n For each M&C Saatchi Share EITHER:\n \n \n \n \n \n i. 2.043 new AdvancedAdvT Shares (the \"New AdvancedAdvT Shares\") and 40 pence in cash (the \"CashConsideration\"), (the \"Cash and Shares Offer\"),\n \n \n OR\n \n \n ii. 2.530 New AdvancedAdvT Shares, (the \"All Share Offer\").\n \n \n Set out below is a summary of the Offer relative to the terms of the proposed offer (the \"ProposedOffer\") set out in M&C Saatchi's announcement of 3 February 2022.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n All Share Offer\n \n \n \n \n Cash and Shares Offer\n \n \n \n \n \n \n Terms based on AdvT pence per share and illustrative valuations\n \n \n \n \n Closing price of 82.0 pence\n \n \n \n \n NAV of 93.8 pence\n \n \n \n \n \n Proposal 03\n \n \n /02/22\n \n 1\n \n \n \n \n Closing price of 82.0 pence\n \n \n \n \n NAV of 93.8 pence\n \n \n \n \n \n Proposal 03\n \n \n /02/22\n \n \n 1\n \n \n \n \n \n \n \n \n Implied Enterprise Value of issued share capital of M&C Saatchi\n \n 2\n \n \n \n \n \n £268.9m\n \n \n \n \n \n \n £305.4m\n \n \n \n \n \n \n £296.5m\n \n \n \n \n \n \n £268.9m\n \n \n \n \n \n \n £298.5m\n \n \n \n \n \n \n £296.5m\n \n \n \n \n \n \n \n Exchange Ratio\n \n \n \n \n 2.53\n \n \n \n \n 2.53\n \n \n \n \n \n 2.347 \n \n \n \n \n \n 2.043\n \n \n \n...