‘Tech queen’ Vin Murria makes last ditch plea for M&C Saatchi investors to back her hostile bid for the ad firm
Vin Murria made a last ditch plea for M&C Saatchi shareholders to back her hostile bid for the company.
The UK’s so-called tech queen has been circling the communications agency since January, and after four bids were rejected she took a hostile offer to shareholders last month.
M&C described the tycoon’s latest £253.6million bid as ‘derisory’ and advised shareholders to reject it.
Snubbed: Vin Murria (pictured) has been circling M&C Saatchi since January, and after four bids were rejected she took a hostile offer to shareholders last month
The board opted for a rival £310million offer from rival communications giant Next Fifteen and ousted deputy chairman Murria from the board.
The offer from Next Fifteen looked set to end the months-long takeover battle. But Murria’s investment vehicle Advanced Advt yesterday published a ‘final offer’ document, urging shareholders to accept her latest bid.
Murria highlighted that because of a fall in Next Fifteen’s shares since the deal was announced, her offer is now higher. Next Fifteen shares have fallen 25.4pc since the offer, valuing its bid at 198.3p per M&C share, versus 209.4p per share under Murria’s bid.
The document gave investors until August 13 to accept the offer, which needs to gain 75 per cent approval to pass.
Murria owns a 22.3 per cent stake personally and through Advt, making a deal difficult to pass without her support.
The board fears that if she gains control of the business there would be an exodus of top talent.