Ad agency no longer considers terms of offer ‘to be fair and reasonable’ after bidder’s shares fall

M&C Saatchi has withdrawn its support for a £310m takeover bid from the digital marketing group Next Fifteen, saying it no longer regarded the terms as “fair and reasonable” amid pressure from another bidder.

The deal would have ended almost three decades of independence of one of Britain’s most famous advertising agencies. M&C Saatchi said the reason behind the withdrawal of its support was the decline in the value of Next Fifteen’s shares. They have fallen 28% since the deal was announced in late May.

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