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Cordiant Communications Group, which continues to look for an agency-holding-company buyer, ran into opposition last week from one of its largest investors.
Active Value Fund, which has called for an extraordinary general meeting, wants to unseat current management and is prepared to put up half of a proposed $50 million equity injection. Sources said the vocal London-based fund, a 14.1 percent shareholder, is gaining support from other institutional investors, including Artemis Investments and Morley Investment Managers, as well as several small retail investors.
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