AdvancedAdvT rules out bid for M&C Saatchi as chair joins board
M&C Saatchi PLC on Monday said Chief Executive Officer Zaid Al-Qassab will step down, with AdvancedAdvT Ltd Executive Chair Vin Murria set to join the board.
AdvancedAdvT Ltd said it does not intend to make an offer for London-based advertising and communications agency M&C Saatchi, as Executive Chair Murria will join the firm as non-executive deputy chair.
London-based owner of software for business solutions, healthcare compliance, and human capital management businesses AdvancedAdvT noted Murria is a long-term shareholder in the company and is considered to be acting in concert with AdvancedAdvT under takeover rules.
Current M&C Saatchi Non-Executive Chair Heather Rabbatts will assume the role of executive chair on an interim basis at M&C Saatchi while the company begins a formal search for a new CEO.
M&C Saatchi said it has also appointed Conduit Holdings Ltd Chair Nicholas Shott as an independent non-executive director.
In a separate announcement, M&C Saatchi said it has launched a share buyback programme of up to £4.5 million by broker Panmure Liberum Ltd, with repurchased shares to be cancelled.
Incoming Deputy Chair Vin Murria said: ‘As a long-term shareholder, I am looking forward to working with Heather and the board to support the delivery of the company’s strategy and to drive the business forward. M&C Saatchi is a special business that has significant exposure to high-growth sectors through its diverse portfolio of specialisms with huge potential for value creation across all its constituent parts.’
Shares in M&C Saatchi were up 4.6% at 124.50 pence on Monday morning in London, while AdvancedAdvT shares fell 1.6% to 157.50p.
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