Business
Further Extension of "Put Up or Shut Up" deadline
Further Extension of "Put Up or Shut Up" deadline.
About this update from M&c Saatchi Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6727G\n M&C Saatchi PLC\n 31 March 2022\n \n \n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \n \n THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE.\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596/2014 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN FOR THE PURPOSES OF MAR.\n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n 31 March 2022\n \n \n \n \n \n M&C Saatchi plc\n \n \n (\"M&C Saatchi\" or the \"Company\")\n \n \n Further Extension of \"Put Up or Shut Up\" deadline\n \n \n On 3 March 2022, the Company announced an extension to the \"Put Up or Shut Up\" deadline until 5.00pm on 31 March 2022 had been granted by the Panel on Takeovers and Mergers (the \"Panel\"). By this date, AdvancedAdvT Limited (\"AdvT\") is required, in accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers (the \"Code\"), either to announce a firm intention to make an offer for M&C Saatchi or to announce that it does not intend to make an offer for M&C Saatchi, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.\n \n \n Under the further revised proposal, previously announced on 3 February 2022 (the \"Further Revised Proposal\"), AdvT would offer each M&C Saatchi shareholder 1.939 new AdvT ordinary shares and 40 pence in cash for each M&C Saatchi ordinary share. AdvT would also make a mix and match facility available, whereby (subject to matching opposite elections being made by other M&C Saatchi shareholders), M&C Saatchi shareholders would be offered the opportunity to vary the proportions of AdvT ordinary shares and cash to be received by them. AdvT has also indicated that it would offer an all-share alternative proposal such that M&C Saatchi shareholde...