Martin Sorrell's S4 Capital in 'very preliminary' merger talks with MSQ
By Michele Maatouk
Date: Monday 11 Aug 2025
(Sharecast News) - Martin Sorrell's S4 Capital confirmed on Monday that it has received a proposal from MSQ, a creative and technology agency owned by One Equity Partners, about a possible combination.
Responding to media speculation, the ad agency said discussions are at a "very preliminary" stage and there can be no certainty that a transaction will be forthcoming.
If agreed, the possible combination would be structured as an acquisition of MSQ by S4 Capital and not an offer under the takeover code for S4 Capital by MSQ, it said.
S4 Capital said it's not expected that a Rule 9 waiver would be required.
At 1145 BST, the shares were up 3.5% at 21.95p, having risen to as high as 24.95p earlier.
Russ Mould, investment director at AJ Bell, said a deal could potentially provide "a full stop on a buy-and-build venture which has struggled to gain traction after initially generating excitement".
He noted that the shares are now worth a fraction of what they were at their 2021 peak.
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