Cordiant loses bidding war for US PR firm
The UK advertising and marketing network Cordiant Communications has failed in its bid to buy US PR firm Abernathy MacGregor, after losing out to an unidentified rival.
LONDON (Brand Republic) – The UK advertising and marketing network Cordiant Communications has failed in its bid to buy US PR firm Abernathy MacGregor, after losing out to an unidentified rival.
It is understood that the rival bidder, thought to be WPP Group, offered about 50% more than Cordiant for Abernathy, which is one of New York’s top three financial PR firms.
Cordiant’s offer for Abernathy was believed to be in the region of £31.6m upfront, plus further payments in shares.
Last week, Cordiant acquired Germany marketing services group InterCom Management in a deal worth £25m.
Latest jobs Jobs web feed
- Head of Editorial Compliance Telegraph Media Group Competitive + excellent benefits, London
- board director > DIRECT RESPONSE EVANGELIST collectivo to £90k + bens, LONDON
- Director of Marketing Greenwich School of Management Circa £80,000 per annum package + bonus , Greenwich and Greenford, London
- Senior Brand Manager Ball & Hoolahan £55,000 + Car/Car Allowance, London
- Brand Manager Amnesty International Secretariat £52,464, WC1X 0DW
- Head of Creative Services [Fill Exclusive] - Unique London Agency - £100k+ Fill Recruitment Ltd £100k+, Central London