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Next Fifteen Communications Group PLC - London-based digital marketing firm - Voters at court meeting do not accept Next Fifteen's bid to buy London-based advertising agency M&C Saatchi PLC. M&C says over 89% of voters decide against the proposal. The outcome was expected. "As a result of the failure to pass the required resolution at the M&C Saatchi reconvened court meeting, the scheme has lapsed and the acquisition of M&C Saatchi PLC by Next 15 has terminated," Next 15 says. Company adds: "Next 15 will always maintain pricing discipline when pursuing its M&A strategy, which may result in certain transactions not proceeding. The board remains highly confident in the Next 15 group's future prospects."
London-listed takeover vehicle AdvancedAdvT Ltd and its chair Vin Murria, who together hold 22% of M&C Saatchi shares, were bound to vote against the scheme, due to a previous statement.
Current stock price: 881.34 pence
12-month change: down 29%
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