Next Fifteen Communications Group has scheduled a shareholder meeting for Oct. 25 to vote on a proposal to issue additional shares in the company that would be used to finance the acquisition of M & C Saatchi.
Next Fifteen disclosed the upcoming meeting in a regulatory filing that follows the withdrawal of a competing bid for the agency by ad-tech company AdvancedAdvT.
ADV’s offer lapsed late last month after the firm failed to convince enough Saatchi shareholders to tender their shares in favor of the company’s offer.
Saatchi leadership had considered ADV to be a “hostile” suitor and had urged shareholders to reject the bid. Only a minority of shareholders tendered to the ADV offer while ADV terms required at least 90% of shares be submitted.
Meanwhile Saatchi’s leaders initially endorsed the Next Fifteen offer when it was disclosed in May, but withdrew it after the latter’s shares dropped, a signal from investors that they were not thrilled with proposed linkup.
But the agency’s management has not rejected the offer outright, believing that the combination would be advantageous, and far better than being taken over by ADV.