M&C Saatchi in fresh bid rejection

M&C Saatchi has stressed again its rejection of the ‘derisory’ £254m takeover offer from its largest shareholder.

The advertising giant said it still urges shareholders to ‘ take no action’ in response to the bid from rival Advanced AdvT (ADV) .

M&C said all 18 members of its executive committee are opposed to the ADV offer. A spokesman said directors ‘continue to believe the ADV offer is derisory’.

M&C’s bosses also branded the bid as carrying a ‘high risk of damaging culture, triggering a talent exodus, revenue loss and value destruction’.

ADV last week said it had received acceptances for its offer for M&C Saatchi from shareholders owning 12.77pc of its issued share capital, and therefore controlled 22.59pc of M&C.

While rejecting ADV’s advances, M&C has left the door open for a 247.2p-a-share offer from Next Fifteen Communications.

M&C shares fell 3.5pc, or 5.5p, to 153.5p.