Active Value And Unknown Investor Buy Cordiant Shares
Active Value, the US fund management service and the largest shareholder in Cordiant Communications, has again increased its stake in the group, this time buying 113.4 million shares.
The purchase raises Active Value’s stake in Cordiant to 27.1%, comfortably past the 25% mark at which it has the power to block the proposed takeover of Cordiant by WPP.
However, WPP has staunchly held its ground over the deal, first taking on £90 million of Cordiant’s debt and second by refusing to up the ante on its 2.4p per share proposal, irrespective of the potential shareholder block.
There are also reports today that an unknown investor has acquired a 2% stake in Cordiant at a price of around 2.8p per share, valuing the company at more than WPP’s offer. It is understood that this investor is not connected to Active Value or any other Cordiant stakeholder.
Cordiant’s shareholders are due to vote on WPP’s offer on 23 July. It is not clear whether Active Value intends to block the deal at this time.
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