M&C Saatchi’s top investor says will not increase bid for ad group (May 20)

By:

Updated: May 23, 2022, 07:52 UTC

(Reuters) - M&C Saatchi's top investor Vin Murria on Friday pulled out of a race to buy the London-listed advertising firm after the company earlier in the day agreed to a takeover offer from consultancy Next Fifteen Communications.

The M&C Saatchi office in central London

(This May 20 story corrects headline and paragraph 1 to say AdvancedAdvT will not raise its offer for M&C Saatchi, and is not dropping out from the race to buy the ad group)

(Reuters) – M&C Saatchi’s top investor said on Friday it would not increase the terms of its takeover offer for the British advertising group, after the company agreed to be bought by consultancy Next Fifteen Communications.

AdvancedAdvT said its offer of 253.6 million pounds ($316.1 million) for M&C from earlier this week was final. Next Fifteen agreed to buy M&C for 310 million pounds.

($1 = 0.8023 pounds)

(Reporting by Sinchita Mitra in Bengaluru; Editing by Shounak Dasgupta)

About the Author

Reuterscontributor

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: