Saatchi advertising agency agrees €366m takeover deal by larger rival

, M&C’s chairman, described the formal bid by the deputy chairman, Ms Murria’s investment vehicle as “derisory”. Ms Murria and ADV hold a combined stake of about 22 per cent in M&C.

The agreement with Next Fifteen marks a potentially decisive turn in a long-running battle for M&C, which was hit by an accounting scandal in 2019 but has since steadied performance under new management.Ms Murria built her stake when M&C’s share price had been beaten down by the affair and before its original founders had handed over the reins of the company to a long-serving deputy, Moray MacLennan.

Mr Davis, a former Imperial Tobacco chief executive, expressed his support for “this alternative, more attractive offer which we are confident is in the best interest of M&C”. The Next Fifteen offer represents a 50 per cent premium on M&C’s share price of 165p on Thursday. M&C shareholders would be entitled to 40p in cash and 0.16 new Next Fifteen shares.

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