Business
Rejection of Unsolicited Hostile Offer
Rejection of Unsolicited Hostile Offer.
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, 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 \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 \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n 17 May 2022\n \n \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 Rejection of Unsolicited Hostile Offer from AdvancedAdvT Limited\n \n \n The Directors of M&C Saatchi (excluding Vin Murria) (the \"Independent Directors\") note the announcement today from AdvancedAdvT Limited (\"AdvT\"), a vehicle connected with Vin Murria, a director of the Company, of its firm intention to make an offer for the Company (the \"AdvT Offer\").\n \n \n Gareth Davis, Chair of M&C Saatchi, said:\n \n \n \"This offer is derisory. I urge shareholders to reject this bid as it significantly undervalues the business and prospects of M&C Saatchi.\"\n \n \n The AdvT Offer of 2.043 new AdvT shares for each M&C Saatchi ordinary share (\"M&C Saatchi Share\") and 40 pence in cash for each M&C Saatchi Share or 2.503 new AdvT shares for each M&C Saatchi Share implies a total value of 207.5 pence per M&C Saatchi Share,\n based on the closing share price of AdvT of 82.0 pence on 16 May 2022. The AdvT Offer represents:\n \n \n ·\n a premium of approximately 15.9 per cent. over the VWAP of 179.1 pence per M&C Saatchi Share over the 30-day period to 16 May 2022; and\n \n \n \n \n \n ·\n a premium of approximately 17.5 per cent. over the VWAP of 176.6 pence per M&C Saatchi Share over the 60-day period to 16 May 2022.\n \n \n \n \n \n The Independent Directors note that AdvT's proposal of 27 January 2022, which the Independent Directors concluded was not recommendable, implied a value of 230 pence per M&C Saatchi Share based on AdvT's share price of 98 pence immediately prior to the suspension of its shares. The AdvT Offer today is materially lower than this despit...