PAC ups Media Square ownership to 28.5%

The deal puts PAC close to the 30% threshold, at which point it would be required to make a formal offer for Media Square under UK takeover rules.

PAC has a chequered history with Media Square, which owns research agency Illuminas. Recently its executive chairman Peter Lynch sought a seat on the marketing group’s board last year – a move that was opposed by Media Square’s board and management. Lynch later relented.

On its website, PAC says it “targets and acquires companies where value can be achieved through improving and reinvigorating management teams, debt/equity re-structuring, market re-positioning and cash flow enhancement”. It first bought shares in Media Square in October 2007.