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WPP stays firm over shareholder ploy to raise Cordiant price.(Brief Article)
The tug-of-war for control of the Cordiant group intensified this week as WPP refused to bow to pressure to increase its offer for the beleaguered company.
The decision of Sir Martin Sorrell, WPP's chief executive, not to up his pounds 266 million offer has dashed the hope of Active Value, the rebel shareholder group.
Active Value recently increased its stake in Cordiant to 27.1 per cent in an effort to get better terms from WPP.
Now Active Value finds its options severely limited after Cordiant's announced intention to delist on 16 July. The action would protect the group's disposals programme, including the pounds 75 million sale of its 25 per cent in ZenithOptimedia to Publicis Groupe.
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