Mergers and Acquisitions Agency Business Agency Models

AdvancedAdvT argues rival’s M&C Saatchi offer worth less as Vin Murria removed from board

By Jennifer Faull | Deputy Editor

June 6, 2022 | 4 min read

AdvancedAdvT has argued that its rival (and rejected) offer to buy M&C Saatchi values the agency higher than Next Fifteen Communications’ (NFC) winning bid in an announcement to the market, which came after its chief executive Vin Murria was removed from M&C’s board.

A bidding battle between the two groups emerged earlier this year following attempts at a hostile takeover by AdvancedAdvT after it increased its stake in the business.

However, in May M&C Saatchi rejected a $319m (£254m) offer from AdvancedAdvT and agreed terms to proceed with a cash and shares offer from NFC of $390m (£310.1m).

M&C Saatchi

M&C Saatchi has removed Vin Murria from its board

AdvancedAdvT and chief exec Murria still own a combined 22.3% of M&C Saatchi’s issued share capital.

M&C Saatchi has now removed Murria from its board, saying its independent directors had concluded that it was not appropriate for Murria to be proposed for re-election as a director at the company’s annual shareholders meeting on June 30.

“Therefore, the independent directors have resolved that Vin Murria be removed from the board with immediate effect and no resolution for Vin Murria’s re-election be presented at the AGM,” the company said.

Following the announcement, AdvancedAdvT issued a request for clarity on the analysis of the financial terms of the two competing offers.

It said that since the offers were made, changes in share price mean that as of June 1, NFC’s cash and shares offer value had declined, while AdvancedAdvT’s share offer was worth more.

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“The board of M&C Saatchi continues to recommend NFC’s offer, which as of June 1 2022 offered lower value, yet described AdvancedAdvT’s final offer as ‘derisory,’” it stated.

“AdvancedAdvT continues to believe that NFC’s current offer for M&C Saatchi does not fairly reflect the potential to unlock significant synergies for M&C Saatchi shareholders as a whole,” it stated.

It reiterated it would not increase its bid, but was “considering options.”

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