The creative agency will not be sold to Next 15 following a 10-month takeover saga.
As we reported earlier in October, the takeover was unlikely.
It required 75% of shareholder votes to succeed, and all bosses and executives were already expressing opposition to the new deal.
One of the majority stakeholders, Vin Murria, and her investment wing AdvancedAdvT (ADV), have a combined stake in the firm of about 22.3%. Even before the vote, she publicly stated that neither she nor ADV will vote in favor of takeover.
As a remainder, Murria, a British tech entrepreneur, bid against Next 15 to gain the confidence of shareholders.
Now that Next 15 is out of the way, Murria’s stake in the company will prove troublesome, as she had already proposed a business model very much unlike what M&C Saatchi is doing at the moment.
Ultimately, 89% of the shareholders voted against the acquisition, sealing the deal on any takeover, as M&C Saatchi is no longer in the “offer period.”