Daniel Farey-Jones
Jul 24, 2023

M&C Saatchi timeline: from takeover target to MacLennan exit

How two years of uncertainty unfolded at the holding group.

February 2023: MacLennan (r) appointed Justin Graham to a new role heading the group's ad offering
February 2023: MacLennan (r) appointed Justin Graham to a new role heading the group's ad offering

24 July 2023 – Group announces September departure of chief executive Moray MacLennan with Zillah Byng-Thorne to take over as executive chairman.

15 June 2023 – Group announces appointment of Vin Murria’s representative Chris Sweetland to the board.

14 June 2023 – Group warns of “small” decline in full-year like-for-like net revenue in 2023.

18 April 2023 – Group posts record 2022 revenues of £271m with growth of 8.7% over 2021.

30 March 2023 – Group announces appointment of Byng-Thorne as non-executive chairman, effective from 15 June.

March 2023 – M&C Saatchi London chief executive Camilla Kemp departs.

February 2023 – Justin Graham promoted to new role of head of global advertising network from chief executive of M&C Saatchi Group Australia.

24 January 2023 – Group chair Gareth Davis announces intention not to seek re-election.

13 December 2022 – MacLennan awarded 878,022 shares under the company’s long-term incentive plan, vesting on 31 May 2025 subject to performance conditions and continued employment.

December 2022 – M&C Saatchi London chief creative officer Ben Golik departs, with creative partner Guy Bradbury and executive creative director Matt Lee taking over on an interim basis.

31 October 2022 – Group’s proposed sale to Next15 formally abandoned after shareholders led by rival suitor Vin Murria and her vehicle AdvancedAdvT vote against.

30 September 2022 – Murria’s own offer for the Group lapses with only 36% of shareholders (13.2% excluding her stake) having accepted her terms.

8 September 2022 – MacLennan tells Campaign that the takeover saga has been a distraction and the company wants to stay independent.

15 August 2022 – Murria declares intent to vote against Next15’s offer.

20 June 2022 – Board withdraws support for Next15’s offer after a drop in Next15’s share price devalues it.

6 June 2022 – Group removes Murria from the board.

20 May 2022 – Group recommends a £310m bid from Next15.

17 May 2022 – Board rejects Murria’s new, improved offer as “derisory”.

24 January 2022 – Board rejects Murria’s bid valuing the group at around £265m.

6 January 2022 – Group goes public about possible takeover approach from Murria.

Source:
Campaign UK

Related Articles

Just Published

7 hours ago

Why brands are leaning into spoofing film genres

Leaning into entertainment storytelling catches consumer attention while giving brands more creative freedom.

8 hours ago

#CannesForAll returns to take two cohorts of ...

Brixton Finishing School and DigiLearning Foundation are behind the initiative.

8 hours ago

EssenceMediacom's UK boss on why media should sit ...

Kate Rowlinson explains how, one year after the merger of Essence and MediaCom, the GroupM agency is ready to break through.

8 hours ago

Bling bling: Exploring the landscape of luxury in India

From the boom of the middle class to the 'if I want it, I'll get it' attitude of Gen Z in the nation, the meaning of luxury in India is evolving rapidly and brands need to catch up. Quantum's Himani Pundir explores.