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It said the paper offer represented a 20.7 per cent increase on its previous proposal, but that the agency's independent directors had rejected it late on Sunday.
M&C shares were up over five per cent yesterday morning, though closed slightly down at 0.86 per cent.
M&C has been recovering from a 2019 accounting scandal and argues the offer does not reflect its expected future growth. It has said it sees little merit in a deal that does not offer its shareholders a full premium.
M&C last week revealed its full-year headline 2021 pre-tax profit would be ahead of expectations.
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