London-headquartered advertising group Cordiant Communications saw its stock value rise by five per cent on Tuesday following market speculation that takeover talks were under way.
This was firmly rebutted by Cordiant which insisted that there were no talks in progress and no merger on the cards. Said a spoke: “The [advertising] sector is depressed and the shares are bouncing back to where they should be. There is nothing whatsoever going on.”
Cordiant shares took a hammering last month after the group issued a profits warning [WAMN: 13-Jun-01] and reached a twenty-one month low last week.
News source: CampaignLive (UK)