AdvancedAdvT Limited (LSE:ADVT) made an offer to acquire remaining 90.2% stake in M&C Saatchi plc (AIM:SAA) from the shareholders for approximately £160 million on January 7, 2022. AdvancedAdvT Limited made revised offer to acquire remaining 90.2% stake in M&C Saatchi plc for approximately £200 million on January 19, 2022. AdvT would offer each M&C Saatchi shareholder 1.86 new AdvT ordinary shares for each M&C Saatchi ordinary share. The Proposal is conditional, inter alia, on the recommendation of the Independent Directors of M&C Saatchi. The Independent Directors' initial opinion is that this all share proposal does not articulate an alternative strategy for the benefit of the Company's stakeholders beyond an initial change of control of M&C Saatchi. Furthermore, the Proposal does not reflect the value of the business and its future prospects and would disproportionately transfer equity value from M&C Saatchi shareholders to AdvT shareholders. In the meantime M&C Saatchi shareholders are advised to take no action. M&C Saatchi plc rejected the offer saying that it does not reflect the value and potential of M&C Saatchi plc at current market prices on January 7, 2021. Further to its announcement of January 7, 2022 regarding its interest in exploring a share exchange merger with M&C Saatchi plc, the Company confirms that, having met with M&C on January 17, 2022 and reflected on the feedback M&C provided on our Original Proposal. The Company proposed an improved set of terms on January 19, 2022. Under the Revised Proposal, AdvT would offer each M&C Saatchi shareholder 2.245 new AdvT ordinary shares for each M&C Saatchi ordinary share. In addition, AdvT have suggested an alternate structure whereby AdvT would offer each M&C Saatchi shareholder 1.633 new AdvT ordinary shares for each M&C Saatchi ordinary share and 40 pence in cash (the "Alternate Proposal") being a lower overall value for a M&C Saatchi ordinary share than that which would be offered under the Revised Proposal. The conclusion of the Independent Directors is that the Revised Proposal and the Alternate Proposal continue to significantly undervalue the Company and its prospects hence Independent Directors informed AdvT on January 23 that they have unanimously rejected the Revised Proposal. AdvancedAdvT Limited ("AdvT") is required in accordance with Rule2.6(a) of the City Code on Takeovers and Mergers (the "Code"), by no later than 5.00 p.m. on February 3, 2022, either to announce a firm intention to make an offer for M&C Saatchi or to announce that it does not intend to make an offer. AdvT has also indicated that it would increase its all-share alternative proposal such that M&C Saatchi shareholders would receive 2.347 new AdvT ordinary shares for each M&C Saatchi ordinary share. As of June 14, 2022, AdvancedAdvT issued final offer document and Board of M&C Saatchi is reviewing it with the Company's financial advisers. As of March 3, 2022, the AdvancedAdvT is required either to announce a firm intention to make an offer for M&C Saatchi, by no later than 5.00 p.m. on March 31, 2022, or to announce that it does not intend to make an offer. As of march 23, 2022, M&C Saatchi has appointed Brett Dawson, founder of its media agency, Bohemia to a global role aimed at accelerating the growth of its media and commerce capabilities. As on March 31, 2022, extend further to April 28 the 'put-up-or-shut-up' deadline for AdvancedAdvT Ltd to announce a firm intention to make a takeover offer or to walk away. As of September 27, 2022 AdvancedAdvT Limited had received valid acceptances of the Final Offer in respect of 15.620491 M&C Saatchi shares, representing approximately 14..17%.

Nick Westlake, Stuart Ord, Hugo Rubinstein and Iqra Amin of Numis Securities Limited and Neil Patel, Benjamin Cryer, Edward Phillips and Will King of Liberum Capital Limited acted as financial advisor to M&C Saatchi plc. Christopher Baird, Alex Wright and Carlton Nelson of Investec Bank plc acted as financial advisors to AdvancedAdvT.