WPP stands to become the world’s second largest advertising group after it won its takeover battle for Cordiant Communications.
WPP successfully fended off a potential rival bid from French advertising group Publicis and Cerberus Capital Management, a US investment fund with a large stake of Cordiant’s senior debt. Cerberus had hoped to split Cordiant’s assets with Publicis.
Cordiant’s shareholders will only receive one new WPP share for every 205 Cordiant shares, valuing Cordiant’s share capital at £10 million.
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