Cordiant made the statement as it confirmed it is to hold an extraordinary general meeting on June 28 to win shareholder support for the sale of 70% of its Australian ad business, including George Patterson Bates.
Cordiant said that, since receiving preliminary approaches on April 29, it has been actively evaluating a range of more detailed proposals, including offers for the company or recapitalisation -- the Active Value proposal.
It said it had been maintaining a continuous dialogue with its "major clients who have indicated their preference for Cordiant to seek an industry partner" -- with WPP Group emerging as the lead buyer.
In its statement issued this afternoon, it said: "The board continues to advance its discussions with various parties and is seeking to bring them to a conclusion in the very near future in the best interests of the stakeholders of the group and its clients. The board expects to write to shareholders on this matter shortly."
This morning, it emerged that Active Value has stepped up its campaign to win control of Cordiant as it told investors that there was more in the deal it is offering for everyone, apart from WPP.
Richard Wheatly, the former Jazz FM and Leo Burnett chief who is being put forward by Active Value as a new chairman, said yesterday after meeting with Cordiant and its advisers that details of the deal would be announced soon.
Wheatley said that the Active Value bid had more in it for everyone apart from WPP, which he said was trying to get Cordiant as a "cheap buy".
News of the WPP bid pushed Cordiant's share price down more than 28% last week, which is where they continue to languish. WPP is thought to have offered a deal valued at around 3p a share or 拢100m.
WPP is also thought to have held talks with Publicis Groupe, which was the other lead buyer. It is thought the talks centred on WPP selling Publicis Cordiant's 25% stake in ZenithOptimedia, giving the French group 100% control of the media buying group.
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