M&C Saatchi has booted director Vin Murria from its board for her refusal to support Next Fifteen Communications Group’s $390M cash and stock acquisition offer for the company.
Murria, founder of Advanced Computer Software, is M&C Saatchi’s biggest shareholder, controlling 22.3 percent of the ad agency launched by brothers Maurice and Charles Saatchi.
Her investment group, AdvancedAdvT, made its own bid for M&C that was dismissed by the firm last month as “derisory” and an “unsolicited hostile takeover.”
AdvancedAdvT now claims its offer is superior to the accepted bid because NFC’s stock price has dropped 13.1 percent since the deal was announced on May 20.
Though AdvancedAdvT views NFC as a “credible buyer,” it believes its offer does not “reflect the value of foregoing control and the significant synergies available” to NFC.
It wants M&C’s board to clarify its analysis of the financial terms of the two competing offers for the firm.
Meare Consulting’s Adrian Duffield handles PR for AdvancedAdvT.