Cordiant Communications, the troubled UK advertising firm, said this morning that it has received “very preliminary approaches” from unidentified companies interested in buying it out.
It emerged on Monday that Cordiant had lost the Allied Domecq account, one of the mainstays of its business. The company’s share price subsequently fell by almost two-thirds and it could now miss the May 1 deadline for releasing year-end results. This would result in a suspension of trading of its shares on the LSE.
Cordiant emphasised that a sale was not inevitable and was just “one of a number of alternative strategic options that the Board is considering.” As a result of Friday’s slump, the company’s market capitalisation value fell from £112.75 million to just £40 million.
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