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Cordiant Mulls 'Preliminary Approaches' From Suitors

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NEW YORK One day after confirming the loss of one of its largest accounts, Cordiant Communications Group said in a prepared statement on Tuesday that "it has received very preliminary approaches" from possible suitors.

The British holding company said it is unclear if the overtures will lead to an offer being made, adding that a sale is "one of a number of alternative strategic options that the board is considering." The statement did not name the companies that have approached CCG.

CCG said on Monday that spirits purveyor Allied Domecq, one of its largest remaining global clients, has decided to pull its account [Adweek.com, April 28]. That defection makes the company increasingly vulnerable to a takeover bid.