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Publicis 'No' hits Cordiant shares

SHARES in Cordiant were on the slide today as punters bet that dissident shareholder UK Active Value will be unable to derail the agreed bid for the company from Sir Martin Sorrell's WPP.

Sorrell is taking out its troubled marketing agency rival by buying its £256m of debt and offering just £10m for its equity in a one-for-205 share offer. At WPP's 518p price today, up 4 3/4p, that values Cordiant shares at 2.53p.

Cordiant shares opened at 3 7/8p on hopes that 28% shareholder UK Active Value could spark a counter offer with either French marketing giant Publicis or with Nahed Ojjeh, the Paris-based Syrian heiress who has bought more than 10% of Cordiant shares at prices ranging between 2.8p and 3.75p over the past three weeks.

But Cordiant dived 0.5p to 3.375p as Publicis indicated that after a meeting with UK Active Value on Saturday it will not support its plans for a counter-deal.

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WPP