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Next Fifteen says its offer is final in M&C Saatchi bid battle

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(Reuters) - UK's Next Fifteen said on Thursday its 310 million pound ($388.59 million) offer for advertising firm M&C Saatchi was final, days after rival suitor AdvancedAdvT questioned the target firm's evaluation of the two competing offers.

"We reached agreement with the board and executive team of M&C Saatchi after extensive negotiation and believe our offer (of 247.2 pence-per-share) is full and fair," Next Fifteen Chief Executive Officer Tim Dyson said in a statement.

AdvancedAdvT earlier this week sought more clarity on the financial terms of the two bids, adding that share-price movements meant that Next Fifteen's offer value, as of June 1, had declined to 220.1 pence per M&C Saatchi share, while AdvancedAdvT's all-share offer was worth 221.4 pence.

M&C Saatchi has removed Vin Murria, its biggest shareholder, from the board after rejecting a 254 million-pound offer from Murria's AdvancedAdvT investment vehicle in May.

($1 = 0.7978 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Anil D'Silva)

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