The long-running merger acquisition deal around advertising group M&C Saatchi by Next 15 Communications has received regulatory approval in the U.K., U.S. and Australia.
According to an update by Next 15 given to shareholders, the “Scheme Document,” which outlined the agreement between the two companies, and the conditional offer has been approved by the U.K. Competition and Markets Authority, the Australian investment regulatory framework and the U.S. Committee on Foreign Investment—three territories where M&C Saatchi operates.
The update comes just weeks after Next 15’s takeover competitor AdvancedAdvT Limited (AdvT), which had been pushing a hostile takeover since the start of the year, fell by the wayside having not secured enough shareholder backing by the end of September when a deadline had been set.
