Business
Statement regarding publication of Offer Document
Statement regarding publication of Offer Document.
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 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n \n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n 14 June 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 \n Statement regarding publication of AdvancedAdvT Limited (\"ADV\") Offer Document\n \n \n \n On 17 May 2022, ADV announced the terms of an unsolicited hostile offer for the issued and to be issued share capital of M&C Saatchi not already owned by ADV (the \"ADV Offer\"). Subsequent to the announcement of the ADV Offer, the Directors of the Company unanimously, and unequivocally rejected the unsolicited hostile ADV Offer on the grounds that, among other things, the ADV Offer significantly undervalued M&C Saatchi and its future prospects.\n \n \n Further to the Directors' rejection of the ADV Offer, ADV announced on 20 May 2022 a 'No Increase' statement noting that the financial terms of the ADV Offer were final and would not be increased, except that ADV reserves its right to revise the financial terms where the Panel has determined that there has been a material change of circumstances.\n \n \n The Directors note today's announcement by ADV of the publication of its formal offer document in connection with the ADV Offer (the \"ADV Offer Document\"). The Directors are reviewing the ADV Offer Document with the Company's financial advisers and intend to publish their full response to the ADV Offer in due course. However, in light of the Directors' unanimous and unequivocal rejection of the ADV Offer and ADV's 'No Increase' statement, the Directors continue to not recommend the ADV Offer as the terms on which the ADV Offer was rejected remain unchanged.\n \n \n In the meantime, M&C Saatchi shareholders are advised to take no action and are referred to the Company's previous announcements published in response to the ADV Offer.\n \n \n A further announcement will be made in due course.\n \n \n The person responsible for arranging this announcement on behalf of M&C Saatchi is Gareth Davis, Chairman.\n \n \n \n \n \n \n For further informati...