SNUBBED bidder AdvancedAdvT revealed yesterday that while it believes that Next Fifteen is a "credible buyer" for M&C Saatchi, the offer price of £310m "does not reflect the value of foregoing control and the significant synergies available".

It comes just days after the ad giant M&C announced the shock takeover by fellow agency Next Fifteen after it batted away yet another Vin Murria AdvancedAdvT offer.

AdvancedAdvT tabled two options to investors that would allow M&C to choose to receive either a combination of cash and shares, or an all share offer of 2,530 new shares for each M&C shares.

Nonetheless, in a mighty comeback yesterday, Murria's investment vehicle said: "AdvancedAdvT believes that NFC's current offer for M&C Saatchi does not fairly reflect the potential to unlock significant synergies for M&C Saatchi Shareholders as a whole, as NFC stated in its firm offer".

The firm argued that the net asset value of its offer should be considered, and stated that the firm and Murria would "continue to consider their options".

AdvancedAdvT and Vin Murria notably own 22.3 per cent of M&C Saatchi's issued share capital.

Brokers at Peel Hunt aired their reluctance, giving the stock a 'Hold' rating. However, brokers said that while they were "surprised" by the deal with Next Fifteen, they said it "makes strategic sense".

(c) 2022 City A.M., source Newspaper