Tech entrepreneur Vin Murria, who runs software company AdvancedAdvt, has offered a takeover approach for M&C Saatchi. The agency said, “No proposal has been received but the Board has been told to expect one in the near term.”
Murria owns 12.5% of the advertising firm directly and 9.8% via her acquisition vehicle AdvancedAdvt. M&C’s shares rose 7% in early trading on Thursday to add to gains in recent days as Murria increased her stake in the agency. M&C Saatchi is valued at around USD$324 million.
Murria is currently deputy chair of M&C Saatchi, having joined the company in March 2021 as it recovered from a difficult two years, following an accounting scandal in 2019 that prompted four directors to leave and caused its shares to be temporarily suspended. The recovery has been fueled by client wins under Chief Executive Moray MacLennan including Apple, GSK, Mars, Iceland, and Reckitt.
“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,” M&C said in a statement.