Staying put: Sir Martin Sorrell
Shares in Sir Martin Sorrell’s S4 Capital shot up 5.4 per cent after he said he had rejected several offers from a New York rival.
The advertising tycoon, who founded the agency in 2018 after leaving giant WPP, reportedly turned down Stagwell’s bids because they undervalued the company.
The revelations come amid concerns about foreign bidders pouncing on firms with low valuations.
London-listed loo roll maker Accrol yesterday accepted a £127.5m takeover offer from Portuguese competitor Navigator Paper.
US private equity giant KKR confirmed a £1.3billion takeover of Glasgow’s Smart Metering Systems.
And US activist investor Elliot Investment has taken a 5 per cent stake in investment trust Scottish Mortgage.
In December, Sorrell warned that London risks ‘becoming a backwater’.
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