Cordiant: Sale Unlikely at Current Share Price

NEW YORK Cordiant Communications Group said in a statement on Monday that none of the proposals currently under consideration are likely to result in an offer being made for the British holding company at the present share price.

Two weeks ago, troubled CCG said it had received “preliminary” approaches from possible suitors, which it did not identify; since then, it has been evaluating acquisition offers and recapitalization proposals.

Sources have identified French rival Publicis Groupe, which shares ownership in Zenith Optimedia with CCG, as one of the most likely bidders.

The CCG board continues to pursue discussions with various parties, which the company said it is hoping to conclude in the near future.

Meanwhile, CCG said it also continues to negotiate deals for its non-core assets. Up for sale are British financial public relations concern FD International, valued at $32 million; German ad network Scholz & Friends, valued at $20 million; and a majority stake in its Australian operations, valued at $63 million.

CCG also said in the statement that it continues to work closely with its lenders. The lenders two weeks ago agreed to extend the company’s financial agreements to July 15.