TAKEOVER talks for ad giant M&C Saatchi were extended yesterday for the second time as the serial tech entrepreneur Vin Murria continues her quest for a snap up.

Stockmarket regulations had initially imposed a deadline for Murria's investment vehicle ADVANCEDADVT to "put up or shut up" by 5pm on 3 March after an initial extension was granted at the start of February.

However, it was agreed that ADVANCEDADVT could have until 31 March to announce a renewed offer.

It comes after M&C directors suggested that the current offer undervalued the company, not reflecting the company's potential for growth. The latest offer would give shareholders 40p in cash for each M&C share.

The ad firm also said it saw little merit in a deal that does not offer its shareholders a full premium.

Founded in 1995 by ad mogul brothers Maurice and Charles Saatchi, M&C has been making a slow but steady recovery since the infamous 2019 accounting scandal.

Last September, M&C Saatchi reported net revenue was up 14 per cent to £118m in its half-year results, exceeding market expectations and inspiring investor confidence.

Meanwhile Murria is M&C's deputy chairman and biggest investor. She owns 12.5 per cent of M&C directly, while ADVANCEDADVT owns another 9.8 per cent.

(c) 2022 City A.M., source Newspaper