In a statement from the London Stock Exchange, it said that shares in Cordiant had "been temporarily suspended from trading on the London Stock Exchange from 16/06/2003 7.30am at the request of the company, pending clarification of the company's financial position".
Shares in Cordiant were trading down 9.5% from its close on Friday to just 4.75p.
The WPP bid, which was supported by 17 of Cordiant's banks and its board of directors, was valued at between £210m and £240m, or 2p to 3p a share.
According to a report over the weekend, WPP improved its offer on Sunday to stop Cordiant being placed into administration. WPP was reported to be offering more than £246m to debtholders, topping Publicis's offer which is thought to be around £244m.
If successful, it would have made WPP the world's number one advertising holding firm, leapfrogging US rival Omnicom as it added Bates to J Walter Thompson, Ogilvy & Mather and Young & Rubicam.
Despite being backed by the majority of Cordiant's banks, board and chief executive David Hearn, it needed the support of 75% of Cordiant's shareholders, which it failed to win.
Cerberus Capital Management was able to block the deal as it has built up a large holding in Cordiant's debt notes. UK Active Value Fund, which owns 14% of Cordiant, has also said it would block any deal.
UK Active Value Fund is still battling for its own plan that involves an independent future for Cordiant and a new management team led by Richard Wheatly, the former Jazz FM and Leo Burnett chief.
News of moves by Cerberus and Publicis to block the deal first surfaced early on Friday, after it emerged that they were proposing an alternative plan to that of WPP.
It is understood that the deal is worth more than the one being proposed by WPP, but it comes with a set of conditions -- going into administration so that it can be broken up is one of them.
The deal that French group Publicis and Cerberus appear to be offering gives shareholders nothing, while allowing the two to pick off the bits they are most interested in.
Publicis, like WPP, is thought to have an interest in acquiring marketing services firm 141 Communications and healthcare ad firm Healthworld.
Unlike WPP, which seems to be the bid supported by chief executive David Hearn and his management team, Publicis has ruled out a bid for the entire company.
It is thought that Cordiant could go into administration as early as today, sparking a fear that it could lead to the loss of more clients. Publicis has tried to downplay this fear and to reassure clients and shareholders.
Despite reassurance, the longer the drama surrounding Cordiant's future drags on the more damage it will do to its business.
Cordiant agency Bates UK is currently facing losing its £32m DIY retail account B&Q.
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