Business
Further information on timeline for shareholders
Further information on timeline for shareholders.
About this update from M&c Saatchi Plc
[{"type":"text","content":"\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ANY RESTRICTED JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n 25 July 2022\n \n \n \n \n \n \n \n M&C Saatchi plc\n \n \n \n \n (\"M&C Saatchi\" or the \"Company\")\n \n \n \n \n Further information for M&C Saatchi Shareholders on the Takeover Panel Statement\n \n \n \n \n \n \n \n \n The Company notes the announcement by the UK Panel on Takeovers and Mergers (the \"Panel\") today (the \"Panel Announcement\") in respect of the offer for the Company by AdvancedAdvT Limited (\"ADV\") previously announced on 17 May 2022 (the \"ADV Offer\") and the offer for the Company by Next15 Communications Group plc (\"Next15\") previously announced on 20 May 2022 (the \"Next15 Offer\") which is proposed to be implemented by a scheme of arrangement (the \"Next15 Scheme\").\n \n \n The Panel Executive has ruled that Day 60 of the ADV Offer (i.e. the latest date by which all of the conditions to the ADV Offer must be satisfied or waived) will be the fourth business day before the hearing of the court to sanction the Next15 Offer Scheme (the \"Court Sanction Hearing\"). In the event that the Court Sanction Hearing is adjourned to a later date, Day 60 will be re-set accordingly.\n \n \n This ruling regulates the timing and interaction between possible shareholder actions in respect of the two offers particularly in light of the recommendations of the directors of M&C Saatchi (the \"M&C Saatchi Directors\") to reject the ADV Offer and vote against the Next15 Scheme. These recommendations are reproduced in the Appendix. The Company's shareholders (\"M&C Saatchi Shareholders\") are reminded that based solely on financial terms, the M&C Saatchi Directors consider the Next15 Offer to be inferior to M&C Saatchi's standalone prospects. However, if those standalone prospects were incapable of being delivered as envisaged, then the M&C Saatchi Directors consider the Next15 Offer to be superior to the ADV Offer and Next15 to be the preferred future owner of the M&C Saatchi business for the reasons previously stated.\n \n \n In order to aid M&C Saatchi Shareholders, the Company has ...