AD GIANT M&C Saatchi extended its 'put up or shut up' deadline once again yesterday for the
It said the current proposal undervalues the firm, and therefore would not be recommended to its shareholders.
"While the company continues to facilitate access to provide AdvT with the opportunity to make a formal offer to the company's shareholders, no revised proposal has been forthcoming," the company stated.
The latest offering was made in February, where accepting Saatchi shareholders would get either 1.939 new AdvT ordinary shares and 40p in cash for each share held, or 2.347 new AdvT ordinary shares for each M&C share.
Despite months of negotiation and back and forth, the two sides cannot seem to agree on the details of its share exchange merger. Instead, the ad giant, which boasts clients such as Uber and Google, has imposed a new deadline for the acquisition vehicle company to make a formal offer or walk away for
However, the risk with such a move is that after such a dragged out process,
However, this may not be as disastrous for Saatchi as it may have once been.
Shares have climbed in recent months thanks to a strong balance sheet and impressive client wins.
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