M&C Saatchi Receives Approach From AdvancedAdvT

AdvancedAdvT bought a 9.82% stake in the British advertising group on Wednesday.

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M&C Saatchi plc on Thursday, Jan. 6, said it has received a preliminary approach from AdvancedAdvT Ltd.

AdvancedAdvT is an acquisition vehicle listed on the London Stock Exchange and led by software entrepreneur Vin Murria, who is also the deputy chair of M&C.

Murria was appointed to the British advertising group’s board in March 2021, according to data from BoardEx, a sister company of The Deal.

The advertising group on Thursday said it has not yet received a proposal from AdvancedAdvT but the board expects one in the near term.

The company warned that there was no certainty of an offer and said that as Murria is a director, the board would convene an independent committee to consider any proposal.

AdvancedAdvT on Wednesday, Jan. 5, revealed it had acquired an about 9.82% stake in M&C for about £24 million ($32.4 million), saying it viewed it as “a good investment opportunity.”

M&C’s shares rose 6.88% in Thursday morning trading, changing hands at 202 pence each and giving the company a market capitalization of £204.8 million.

M&C, which counts Amazon.com Inc.’s (AMZN) Audible and EDF SA among its clients, was rocked by a 2019 accounting scandal that caused its shares to be temporarily suspended.

M&C’s advisers include Numis Securities Ltd. and Liberum Capital Ltd.

About the author

Lisa Botter
London Bureau Chief at | + posts

Lisa Botter is London bureau chief, covering public- and private-market deals, activism and bankruptcy across the U.K., Europe and Asia. Lisa produces the Europe Daily and Asia Insider newsletters. Before joining The Deal, Lisa was assistant managing editor of Agenda, a Financial Times publication. She covered corporate governance and executive compensation out of the FT’s New York office. Before joining Agenda, Lisa was the deputy editor of Pensions Expert and a senior reporter at MandateWire, both FT publications based in London.

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