Cordiant Seeks Swift Sale

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NEW YORK Cordiant Communica-
tions Group seeks to conclude talks about its sale or recapitalization “in the very near future” and “expects to write to shareholders on this matter shortly,” according to a statement issued on Thursday by CCG’s board.

Earlier this week, WPP Group emerged as a frontrunner in the race to acquire the troubled British holding company.

Sources said WPP chief executive Sir Martin Sorrell was preparing a bid that would give equity holders 3 pence a share and require debt holders to write off some of CCG’s estimated $440 million in gross debt [Adweek Online, June 9].




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