Ad
Ad
Ad
Tag

Murria

Browsing

[ad_1]

Serial tech entrepreneur Vin Murria sweetens her offer for M&C Saatchi amid an ongoing battle over future of advertising agency










Serial tech entrepreneur Vin Murria has sweetened her offer for M&C Saatchi amid an ongoing battle over the future of the advertising agency. 

Murria, who is the company’s deputy chairman and its largest shareholder with a 12.5 per cent stake, is attempting to take it private through a tie-up with investment firm AdvancedAdvT (AdvT). 

AdvT is 13 per cent-owned by Murria, 60, and is also backed by private equity group Marwyn. AdvT itself owns 9.8 per cent of M&C Saatchi. 

Serial tech entrepreneur: Vin Murria is M&C Saatchi's deputy chairman and its largest shareholder with a 12.5 per cent stake

Serial tech entrepreneur: Vin Murria is M&C Saatchi’s deputy chairman and its largest shareholder with a 12.5 per cent stake

The group initially offered investors 1.86 shares in AdvT for each share in the company in an approach earlier this month that was rebuffed by the ad agency’s management. 

However, Sky News reported that a new offer was tabled last week that included around 40p per share in cash

AdvT previously said a merger with M&C Saatchi would allow the group to ‘build a data, analytics and digitally focused creative marketing business’. 

The takeover tussle piles fresh pressure on the ad agency after regulators closed an investigation into an accounting scandal at the group earlier this month.

Advertisement

[ad_2]

[ad_1]

M&C Saatchi rebuffs takeover approach from deputy chairman and tech tycoon Vin Murria










M&C Saatchi has rebuffed a takeover approach from deputy chairman and tech tycoon Vin Murria. 

The advertising agency’s independent directors – excluding 59- year-old Murria – said they could not see how the deal would benefit the company. They added that winning a series of big-name clients such as Uber, Google, TikTok and Tinder showed its existing strategy was already working. 

Murria’s investment vehicle Advanced Advt proposed launching an all-share reverse takeover that would see it absorb M&C Saatchi. M&C Saatchi investors would receive 1.86 shares in the combined group. 

On reflection: The advertising agency's independent directors said they could not see how the deal would benefit the company

On reflection: The advertising agency’s independent directors said they could not see how the deal would benefit the company

Murria’s company said its management expertise and extra funding, when combined with M&C Saatchi’s high-profile brand, would allow the new group to expand by buying new companies. But M&C Saatchi said the independent directors did not believe the approach articulated ‘an alternative strategy’ beyond changing who owned the group. 

Shares fell 12.4 per cent, or 26p, at 184p, giving it a value of £225m. 

Advanced Advt has not yet made a formal offer and has until early February to make one. 

Murria is M&C Saatchi’s biggest shareholder, with a 12.5 per cent stake, and earlier this week Advanced Advt declared a 9.8 per cent holding. 

Brothers Maurice and Charles Saatchi founded M&C Saatchi in 1995 after an American activist investor ousted them from their firm, Saatchi & Saatchi, which was behind Margaret Thatcher’s ‘Labour Isn’t Working’ campaign. Clients have included Burberry, Apple and chocolatier Lindt. 

Advertisement

[ad_2]