Smith Square Partners acts as sole financial adviser to Next Fifteen Communications Group plc in relation to a cash and share offer for M&C Saatchi plc

On 20 May 2022, Next Fifteen Communications Group plc (“Next Fifteen”), announced a cash and share offer for the entire issued and to be issued ordinary share capital of M&C Saatchi plc (“M&C Saatchi”). 

Under the terms of the acquisition, M&C Saatchi shareholders were to receive 40 pence in cash and 0.1637 new Next Fifteen shares for each M&C Saatchi share, valuing the entire issued and to be issued ordinary share capital of M&C Saatchi at approximately £310.1 million.

On 15 August 2022, a competing offeror for M&C Saatchi, Advanced AdvT Limited (“ADV”), announced that, based on the implied value of the Next Fifteen Offer at that date, ADV and its Chair, Vin Murria, intended to vote their combined 22.3% shareholding in M&C Saatchi against the Next Fifteen Scheme.

On 31 October 2022, the Scheme was not approved by the requisite majorities of the Scheme Shareholders and the acquisition of M&C Saatchi by Next Fifteen was terminated.

Next Fifteen is an AIM-listed tech and data-driven growth consultancy with operations in Europe, North America and across Asia Pacific. The business operates across four segments, each of which describes how it helps customers grow in different ways: Customer Insight helps them understand their opportunities and challenges; Customer Engagement optimises their reputation and digital assets; Customer Delivery helps them connect with customers to drive sales; and Business Transformation helps maximise long-term value through corporate positioning, business design and the development of new ventures. The Next Fifteen Group has long-term customer relationships with many of the world’s leading companies including Google, Amazon, Facebook, and Microsoft.

M&C Saatchi is an AIM-listed advertising and marketing services company that serves Europe, the Middle East, Africa, Asia, Australia, and the Americas. M&C Saatchi focuses on creative marketing, advertising and communications, connecting specialist expertise through data and technology to deliver meaningful change. M&C Saatchi’s customers include Adidas, The Commonwealth Bank of Australia, Costa Coffee, Heineken, Nando’s, Optus, and UNICEF.

Smith Square Partners acted as sole financial adviser to Next Fifteen Communications Group plc.