Managers of London-based public relations firm Financial Dynamics have finally forged a buyout deal with ailing parent Cordiant Communications.
A management takeover backed by private equity group Advent International was first mooted in May [WAMN: 20-May-03], but the subsequent battle to take over Cordiant left the deal in doubt. “We were ready to do this for a while but the ground kept shifting underneath us,” declared FD chief executive Charles Watson.
The buyout will cost £26 million ($43m; €38m) and will hand around 40% of the company to employees. It is expected to close within a few weeks.
Data sourced from: New York Times; additional content by WARC staff