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.
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