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Consultancy Next Fifteen Communications (NFC.L) has withdrawn its offer to acquire M&C Saatchi (SAA.L) after failing to receive the necessary number of shareholder approvals on Monday at a court meeting.

M&C withdrew its support for Next Fifteen’s $381 million offer in June after a bidding war that had previously featured its largest shareholder as well. Later, it cautioned that it might not win investor approval but agreed to conduct meetings again on October 31.

Following the expiration of the offer, M&C also cancelled a general meeting that was set to vote on Next Fifteen’s proposal. Additionally, it claimed that it was no longer in an offer period under British takeover regulations following the expiration of a bid from its largest shareholder, Vin Murria’s AdvancedadvT (ADV) investment vehicle.

“Following the lapse of both the Next 15 Offer and the ADV Offer, the M&C Saatchi Directors look forward to continuing the implementation of M&C Saatchi’s strategy as an independent business,” the company stated in a statement.

Next Fifteen also expressed confidence in its own chances for the future in a separate statement.

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