The deal was instigated by Tom Derry, the group's chairman for Asia-Pacific and America, along with a group of his senior management colleagues.
It was feared that the company's refusal of the offer could have led to the buyout team leaving the network. However, M&C Saatchi maintains the offer has been withdrawn and Derry is staying with the company.
Derry is a member of M&C Saatchi's executive committee and is widely respected in the region as an aggressive new-business winner.
The agency's high-profile clients include Qantas and Mandarin Oriental hotels.