Sharewatch: Cordiant Falls As Vultures Begin To Circle

Cordiant remained in focus last week, following news at least three interested parties including WPP group and Publicis were interested in making a bid for the troubled advertising group. Analysts expect a debt for equity swap, after the company was valued at just £21 million last week. The stock was seen down 4.35%.

Elsewhere, Maiden was in focus, up 3.26% after announcing that sales rose by 24% in the first quarter of the year, as predicted in its full-year financials in March (see Maiden Revenues Jump 24% In The First Quarter Of 2003).

ITV partners Carlton and Granada were also seen up by 10.84% and 10.8% respectively, following positive comments from brokers and bullish sentiment in the broader media sector.

The media sector will keep all eyes on the US for mergers and acquisition activity in the coming months following proposed reforms to ownership rules which will give large corporations the freedom to acquire local media outlets.

The closing prices of media company shares on Friday were: