M&C Saatchi confirms Brave Bison approach for Performance division

(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.

On Sunday, Sky News reported that Brave Bison had made a £50m cash and shares approach to buy the division.