AdvancedAdvT Ltd (LSE:ADVT), the cash shell chaired by Vin Murria, issued a statement to say that it continues to mull its options over M&C Saatchi PLC (AIM:SAA) as it does not believe the offer from Next Fifteen Communications Group PLC (AIM:NFC) is sufficient.
It said that it believes Next Fifteen is “a credible buyer”, but said the 251.8p-per-share offer price that has been recommended by Saatchi’s board, “does not reflect the value of foregoing control and the significant synergies available to NFC”.
ADVT, which earlier last week launched a hostile all-share offer equivalent to 220.1p per M&C Saatchi share based on its own share price at the time, added that it also believes NFC’s offer “does not fairly reflect the potential to unlock significant synergies for M&C Saatchi shareholders as a whole”.
ADVT and Murria, the tech entrepreneur who is also deputy chair of Saatchi, together own 22.3% of M&C Saatchi.
“AdvancedAdvT and Vin Murria continue to consider their options,” the company added.
It is not clear what their options are. On May 20, the board of AdvancedAdvT said the financial terms of its offer for M&C Saatchi were final and would not be increased.