WPP Group gains upper hand in Cordiant bid

WPP Group has once again gained the upper hand in the bid battle for Cordiant Communications. Late yesterday (Tuesday) the two companies announced that they were in ‘exclusive and advanced negotiations’ with the agreement of Cordiant’s banks. The banks hold about 70 per cent of Cordiant’s debt. Hedge fund Cerberus, which had teamed up with WPP rival Publicis Groupe, holds the remaining 30 per cent, and is not thought to be part of the negotiations.

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