(Bloomberg) -- The London-listed acquisition vehicle that made an offer for M&C Saatchi Plc earlier this month has returned to the advertising company with a revised proposal, Sky reported on Sunday.

AdvancedAdvT Limited, which is backed by technology entrepreneur Vin Murria, submitted a revised bid to the M&C Saatchi board late last week. It included about 40 pence a share in cash, Sky reported, citing unidentified people involved in the City of London as saying.

M&C Saatchi rebuffed an initial all-share proposal as not articulating an “alternative strategy for the benefit of the company’s stakeholders beyond an initial change of control of M&C Saatchi.” The offer, it said, did not reflect the value of the business.

M&C Saatchi declined to comment to Sky on Sunday.

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