Vin Muria: Spack Invaders
The potential acquisition by Cashshell, the largest shareholder and vice chairman of M & C Saatchi, has been a headache for regulators and small business investors.
Thursday’s advertising group M & C revealed that it has received a preliminary takeover approach from Advanced AdvT, a London-listed special-purpose acquisition company run by serial entrepreneur Vin Murria.I got M & C stock cheaply Window-dressing scandal In 2019, Muria held a 12.5% direct stake in the group worth £ 250m and won a board seat in March after nearly a year of lobbying.
AdvancedAdvT announced on Wednesday that it had purchased nearly 10% of M & C’s stake as its first investment. It was a movement in the left field. Marwin, a cashshell specialist, floated AdvancedAdvT in December 2020 and raised £ 130 million in March to explore “medium-sized acquisition opportunities in the software sector.”
When faced with how M & C fits into Advanced AdvT’s stated investment strategy, Spac savvy people talk about their undervalued tech assets, as they are neither midsize nor software companies. did. When asked for an overview of Advanced AdvT’s long-term strategy on Wednesday, they will only point out that statement that M & C is a “good investment opportunity.”
Clarity had to wait until Thursday morning. Newspaper coverage Guess about complete private. The M & C said it had not yet received the proposal that “the board is being told to expect a proposal in the near future” and promised to establish an independent committee to evaluate the proposal.
It is unclear whether AdvancedAdvT shareholders will oppose the change in Spac’s tack. Marwin continues to be the largest shareholder through a Jersey registered fund with a 15.4% stake. The third on the shareholder list is Murria herself with 13.1%.
It blames the BGF, a politically linked growth capital fund backed by the coterie of a UK-based bank. BGF has acquired a 15% stake in Advanced AdvT’s March funding and has also invested in two other Murria projects, document processing company Celaton and digital payroll group XCD.
“Vin is a proven entrepreneur with a very successful plc track record that we helped with her new vehicle,” BGF said. “BGF is still excited to work with her, but I won’t comment further on the details of the recent purchase of M & C shares at this stage.”
Relx: Don’t do it
Few FTSE 100 companies are as blessed as Relx. Last year, a £ 43 billion worth of information analysis group was mentioned in five headlines in a British national newspaper.
Relx’s management is due to the lack of media awareness of the world’s largest publisher of revenue (but not welcoming its descriptors) and the stock that surpassed FTSE in 2021 and ended at a record high. , May look a little hurt. Years of the last 10 years.
Nonetheless, at this week’s Relx camp, there was no enthusiasm to win a column inch by discussing the resurgence of dissolution speculation.
Citigroup analyst Thomas Singlehurst insisted that Relx abandon the exhibition business. His memo, released Thursday, placed an independent value of £ 4.3 billion in the sector and claimed that the spin-off would “organize investment cases.” Relx will sell its 60% stake to consolidate its sectors and Faster market recovery than expected, He told the client.
Perhaps those familiar with Relx’s strategy, who questioned the logic of selling a business when revenue was artificially compressed, said. The event shrank to just 5% of group revenue through a pandemic, and the department was operating almost at the break-even point, so there was no urgency to do anything other than wait for the rebound.
Speculation about the dissolution of Relx has surfaced many times. This is especially true in the late 2010s, when investors struggled to assess the threat of open access publishing to academic journals. At the time, Relx brokers were rumored to have worked on alternative structures, including a partnership with UK-listed Informa, a market share leader in the event industry. Following Informa’s decision last month, a similar theory is rounding again. Sell data business — But those who are familiar with the enterprise claim that it’s all fantasy.
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