M&C Saatchi suitor AdvancedAdvT makes fresh offer with cash alternative- Sky News
(Reuters) -AdvancedAdvT has made a fresh takeover offer for advertising giant M&C Saatchi which includes a partial cash alternative for investors in the British group, Sky News reported on Sunday.
AdvancedAdvT is the vehicle of software entrepreneur Vin Murria, M&C’s deputy chairman and biggest investor.
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AdvancedAdvT submitted a revised bid to the board of M&C Saatchi late last week, which included roughly 40 pence-a-share in cash, a shift from the initial all-share offer, Sky News said, citing City sources.
M&C could not immediately be reached for comment. AdvancedAdvT declined to comment.
The advertising group had said on Jan. 7 that it did not see much merit in a possible all-share takeover instigated by its biggest investor.
Shares in M&C fell early on Jan. 7, when AdvancedAdvT said a takeover proposal would be in shares, and tumbled again when M&C gave its response later in the day to close down more than 12%.
Murria owns 13% of AdvancedAdvT, in which private equity group Marwyn is the biggest shareholder. She also owns 12.5% of M&C directly, while AdvancedAdvT owns another 9.8%.
(Reporting by Vishal Vivek in BengaluruEditing by Gareth Jones and Susan Fenton)