(Sharecast News) - M&C Saatchi confirmed on Monday that it had received an unsolicited approach for its Performance division from Brave Bison.
Responding to press speculation over the weekend, it said: "The board is of the view that the offer fundamentally undervalues the division and does not reflect the future prospects for the division which forms a core element of the company's growth plans; as such no discussions are ongoing."

The advertising agency said it remains focused on "delivering value" for shareholders.

In a separate statement, Brave Bison confirmed it had submitted a non-binding proposal to buy the business for an enterprise value of £50m.

"The intention of the company would be to combine MCSP with Brave Bison's existing performance marketing operations to form a scaled digital media challenger to the global marketing networks," it said.

"The combined business would be one of the largest independent performance marketing companies outside the US, with a market-leading presence in UK and APAC with no substantial regional overlap."

M+C Saatchi Performance is a global performance marketing business, headquartered in Singapore with around 410 staff and operations across APAC, MENA, US and UK. It specialises in growth marketing for digital native brands.

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