News of the latest move by WPP came after confirmation this morning from Publicis that it was in talks with Cordiant to buy "certain assets".
The events follow the suspension of shares in Cordiant at the UK ad group's own request.
On Friday, Publicis, working with US hedge fund Cerberus Capital Management, managed to block a WPP Group takeover bid. WPP then increased its offer to more than 拢260m to top the bid put together by Publicis and Cerberus.
A source close to WPP was quoted as saying: "WPP is looking at a different proposal to the one put to them yesterday afternoon."
The latest offer from WPP would see it take on almost 94% of Cordiant's debt -- up from its previous offer to take on 91% of the 拢250m Cordiant owes its creditors.
Cerberus is also reported to have gone to court this morning to start the process of putting Cordiant into administration so that it and Publicis can acquire the assets they are interested in.
The deal the two have put forward would see the company broken in half with Publicis getting the remainder of ZenithOptimedia it does not already own, along with Bates and 141. Cerberus would pick up HealthWorld and Fitch.
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