The marketing communications group Cordiant Communications (CCG) has announced a definitive agreement to acquire Donino, White and Partners (DWP). The initial consideration is to be satisfied by the issue of new CCG shares with a value of £7.3m, based on the average closing CCG share price for the 20 trading days prior to completion of the transaction.
Application for admission to the official list and trading on the London Stock Exchange will be made for the intial consideration share which will rank pari passu with existing CCG shares. A maximum total consideration of £20m may be payable in new CCG share depending on DWP’s financial performance to December 2002. Under certain circumstances additional shares may be issued up to a value of £6.7m. The transaction is expected to be completed by the end of this month. DWP specialises in brand marketing and strategic positioning for the technology sector, counting UUNet, the internet unit of Worldcom and Kodak Digital and Applied Imaging among its clients.
Cordiant Communications Group: 020 7262 4343
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