M&C Saatchi rejects sweetened buyout offer from top investor

(Reuters) - British advertising group M&C Saatchi on Tuesday rejected a fresh 253.6 million pounds ($316.44 million) takeover offer from the acquisition vehicle of its top shareholder Vin Murria.

"I urge shareholders to reject this bid as it significantly undervalues the business and prospects of M&C Saatchi," Chairman Gareth Davis said.

($1 = 0.8014 pounds)

(Reporting by Shanima A in Bengaluru; Editing by Shounak Dasgupta)