Murria is the vice chairman of the advertising group and holds a 12.5% stake in the company, while AdvT announced yesterday that it has built a 9.81% stake.
M&C Saatchi PLC (AIM:SAA) has confirmed that it has received a preliminary approach from an investment vehicle linked to its Vice Chairman. The statement came in response to press speculation.
A statement said the company was approached by AdvancedAdvT Limited, a vehicle linked to Murria, perhaps best known as a former managing director of Advanced Computer Software Group.
She is Vice President of the Advertising Group and has a 12.5% stake in the company. AdvancedAdvT announced yesterday that it has built a 9.81% stake.
No bid proposal has been received, but the ad agency’s board has been told it expects one at short notice.
M&C Saatchi issued the usual caveat that there can be no certainty that an offer will be made, but if an offer is made the board will convene an independent committee to consider it. In the meantime, shareholders are asked to do nothing.
The board of directors discussed the price of the potential offer, saying that the new strategy announced about a year ago is already bearing fruit, with the company’s performance consistently exceeding expectations, as evidenced by a succession of improvements positive business.
The company’s shares, which jumped from 168.55 to 189p yesterday, are up another 6.9% today to 202p.