6 January 2022
M&C Saatchi plc
(“M&C Saatchi” or the “Company”)
Statement regarding possible offer
The Board of M&C Saatchi notes the recent press speculation and confirms that it has received a preliminary approach from AdvancedAdvT Limited, a vehicle connected with Vin Murria, a director of the Company, which may or may not result in an offer for the Company.
No proposal has been received but the Board has been told to expect one in the near term. Accordingly, there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made. Vin Murria is both a director of the Company and the Executive Chairperson of AdvancedAdvT Limited and, as such, if a proposal is received, the Board would convene an independent committee to consider it. A further announcement will be made in due course. In the meantime M&C Saatchi shareholders are advised to take no action.
The Board confirms that the new strategy announced in Q1 2021 is already delivering, with the Company's performance consistently exceeding expectations, demonstrated by a succession of positive trading upgrades.
Under Rule 2.6(a) of the City Code on Takeovers and Mergers (the “Code”), AdvancedAdvT Limited must, by no later than 5.00 p.m. on 3 February, 2022, either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
The person responsible for arranging this announcement on behalf of M&C Saatchi is Gareth Davis, Chairman.