‘Tech queen’ Vin Murria makes last ditch plea for M&C Saatchi investors to back her hostile bid for the ad firm
Vin Murria made a last ditch plea for M&C Saatchi shareholders to back her hostile bid for the company.
The UK’s so-called tech queen has been circling the communications agency since January, and after four bids were rejected she took a hostile offer to shareholders last month.
M&C described the tycoon’s latest £253.6million bid as ‘derisory’ and advised shareholders to reject it.
Snubbed: Vin Murria (pictured) has been circling M&C Saatchi since January, and after four bids were rejected she took a hostile offer to shareholders last month
The board opted for a rival £310million offer from rival communications giant Next Fifteen and ousted deputy chairman Murria from the board.
The offer from Next Fifteen looked set to end the months-long takeover battle. But Murria’s investment vehicle Advanced Advt yesterday published a ‘final offer’ document, urging shareholders to accept her latest bid.
The document gave investors until August 13 to accept the offer, which needs to gain 75 per cent approval to pass.
Murria owns a 22.3 per cent stake personally, and through Advt, making a deal difficult to pass without her support.
The board fears that if she gains control of the business there would be an exodus of top talent.