The takeover approaches followed yesterday's loss of Allied Domecq and after Cordiant said it was "investigating alternative strategic options for the group".
In a statement issued this morning, Cordiant said: "Cordiant announces that, following yesterday's announcement, it has received very preliminary approaches, which may or may not lead to an offer being made for the company. This is one of a number of alternative strategic options that the board is considering."
One dealer, quoted by Reuters, cast doubt on the bidders being either WPP Group, Omnicom or Publicis Groupe, which already owns Cordiant's former sister company Saatchi & Saatchi.
Early speculation has centred on Publicis being a bidder, but the French ad group is still integrating Bcom3 into its global operations after their $3bn (拢1.89bn) merger in September. Another acquisition could throw Publicis off course.
However, Publicis could be in line to take full control of media buying network ZenithOptimedia, which is co-owned by the two. Cordiant could now be forced into selling its 25% share, with Publicis being possibly the only buyer.
"Publicis are digesting BCom3. Omnicom and WPP are possible, but why spend 拢250m -- 拢200m debt and 拢50m market capitalisation -- when you can take the clients away at no cost?" the dealer said.
This might be doubly true for Publicis, which already has Allied Domecq as a client and is reported to be one of the agency groups in talks with the drinks giant about its global ad account. In the UK, Publicis handles the Allied Domecq brands Beefeater gin, coffee liqueur Kahula and Sauza Tequila. It now has a chance to add Ballantine's, Tia Maria and Malibu.
If Cordiant's ad agency Bates does lose any more clients, it might well be difficult to sell, leaving just its healthcare unit Healthworld, design business Fitch and below-the-line agency 141 Worldwide to be auctioned off.
Most seem to have ruled out possible bids by Havas and the Interpublic Group of Companies, as they probably could not afford even the knockdown price. Grey Global is another possible, but Grey has never shown much interest in growth through acquisition.
Cordiant is already in the process of selling its Germany-based network Scholz & Friends, its Australian agency George Patterson Bates and its financial PR business Financial Dynamics as part of plans to resolve its cash problems.
Speaking to the New York Times yesterday, chief executive David Hearn promised stability: "I know there are concerns about our stability, but we can and we will do whatever it takes to make the company prosper. You need to turn the tide and get some things happening, even small things."
He added that the most important thing to do was to "stop the rot".
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