M&C Saatchi Board Pulls Backing For Next Fifteen Takeover

By Najiyya Budaly (June 17, 2022, 1:42 PM BST) -- The directors of M&C Saatchi said on Friday that they have removed their support for a takeover offer by Next Fifteen after the buyer's share price plunged.

Directors of advertising agency M&C Saatchi PLC said they no longer consider the terms of Next Fifteen Communications Group PLC's offer to be "fair and reasonable" because of the 28% drop in the marketing company's shares since it announced its offer on May 20.

Next Fifteen's offer, when its share price was 1,266 pence, valued each M&C Saatchi share at 247.2 pence, comprising 0.1637 of a newly created share in the buyer and 40...

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