It was reported early last month that Page, who has worked for agencies including Yellowhammer and co-founded Harari Page, was putting together a team to mount a bid for Cordiant and would use his AIM-listed company NWD to make the bid.
Cordiant has consistently denied that it had talks with or been contacted by Page.
Page was said to be assembling a team of senior figures from the advertising and marketing industries, as well as financial experts. Reports suggested he planned to attempt a reverse takeover by moving his company into Cordiant and then breaking it up.
In a statement to Reuters, Page said: "We're not in a position to make a bid. We are not making a bid and we are not piecing together a bid."
Report had suggested that Page and his team would sell off acquisitions made during the reign of CEO Michael Bungey, who has announced he is to retire in March 2003. The business would then focus around the Bates Advertising network.
Other assets owned by Cordiant include Financial Dynamics, the City PR specialist, and the German ad network Scholz & Friends. Both have been mooted as possible assets for Cordiant to sell, but the company says it has no divestment plans.
Shares in Cordiant have fallen heavily in the last month from 51p to just 32.5p.
Last month, following the news that Bungey was to be replaced by David Hearn, currently CEO of Bates Advertising, Cordiant reported that pre-tax profits for the first half of the year had collapsed by 48% to 拢11.5m.
It also announced a structural shake-up, which saw it reorganise its agencies into a single group called the Bates Group as part of a move to cut costs and offer clients an integrated service.
It made the changes in response to the concerns of major shareholders the Harris Group and Active Value, after the dramatic fall in Cordiant's share price.
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