Endgame No Clearer As Chess Fan Makes Move On Cordiant
The battle for control of Cordiant Communications has taken a bizarre new twist after it was revealed that a Syrian billionairess is the independent investor who recently purchased a 2% stake in the troubled advertising group.
Nahed Ojjeh is better known as a patron in the chess world than for wheeler-dealing in media but is understood to have paid £240,000 for over 8 million Cordiant stocks in the two days either side of last weekend.
In the meantime, Active Value has increased its stake in Cordiant to 27.41%. It is thought that the fund management group is trying to extract better terms from WPP which has offered to buy Cordiant in a deal that values the company at just £10 million.
Sir Martin Sorrell, chief executive of WPP, has refused to countenance an increased bid but needs at least 75% backing from shareholders if the deal is to go through. We could be heading for stalemate when the vote takes place on July.
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