Sharewatch: Cordiant Falls Despite Take-Over Rumours
Advertising group Cordiant Communications was the media sector’s big mover last week, after the loss of blue chip client Allied Domecq plunged the stock into turmoil, causing it to fall 49.9% week on week (see Cordiant Bounces Back As Short-Term Funding Is Agreed).
According to a report in The Business, analysts believe that Publicis could buy Cordiant for between 15p and 20p a share, valuing it at between £60 million and £80 million.
Elsewhere, BSkyB was seen in focus after cable operator, Telewest, reportedly claimed to have reached a new agreement with the group over the rate at which it can sell the satellite operator’s premium sports and movie channels. The stock was seen down 2.55% week on week.
The closing prices of media company shares on Friday were:
