Despite the continued increase in its holdings it is refusing to shed any light on what its next move will be in the battle for Cordiant.
Yesterday, the London Stock Exchange said that Active Value increased its stake in Cordiant Communications to 26.93% with the purchase of 1m shares and today it was confirmed it had bought another million shares, pushing its stake to 27.17%.
On Monday, WPP Group has said that its offer for Cordiant was final and that it will not increase the £266m it has put on the table.
It had been thought that Active Value was agitating to force WPP to increase its offer -- a hope now dashed.
Active Value has more than enough shares to block WPP's bid, which requires the support of 75% of shareholders.
Cordiant shareholders will now meet on July 23 where they will vote on WPP's offer and an alternative bid by Active Value to keep Cordiant independent.
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