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