The deal won the backing of 99% of Cordiant shareholders, meaning that both billionaire Syrian investor Nahed Ojjeh, who owns almost 11% of the company, and fund manager Active Value, which owns 28.75% of the company, backed the takeover bid.
Shareholders and now face a final vote on Active Value's proposal to dump the Cordiant management team.
Julian Treger, one of the founders of Active Value, said the fund had lost nearly 35m on its Cordiant investment and Treger told Reuters it planned to pursue legal action against Cordiant's directors.
There had been speculation that Active Value might oppose the deal, forcing WPP to put Cordiant into administration.
However, it seems to have dumped this option, although what it is planning to do next is still a mystery considering the scale of its investment.
The last vote shareholders face today is the one that Active Value tabled to remove Cordiant chief executive David Hearn, chairman Nigel Stapleton and finance director Andrew Boland. It is also seeking a recapitalisation of the company.
It had originally proposed to install Richard Wheatly, the former Jazz FM and Leo Burnett chief, and Stephen Davidson, a former West LB executive, as chairman and finance director, but these two and a still unnamed agency chief executive withdrew their candidacy last week.
This appeared to leave Active Value with nowhere to go, but it could still oppose Hearn and his management team's re-election. Even if it does not nominate replacement candidates, it can still use the time between today's vote and August 1, when the WPP takeover becomes effective, to seek out a better deal.
In an early vote today, Cordiant shareholders backed the sale of financial PR firm FD International.
WPP only needed backing from 75% of shareholders for its bid to succeed. The final Active Value vote is currently under way.
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