TRUE NORTH BIDDING ON CORDIANT
By Adnews Staff
According to media reports, Chicago-based True North Communications is preparing to make a US$1.65 billion bid for advertising and public relations firm Cordiant Communications Group PLC, based in the United Kingdom. Senior advertising sources were quoted as saying True North chief executive David Bell had recently met with Cordiant CEO Michael Bungey to discuss an offer. Reports say True North was "spurred into action" after it lost out in an attempted take-over of Chicago-based Lighthouse Global Networks Inc., which owns financial public relations firm Financial Dynamics in London and the design group Fitch. Cordiant, which owns ad agency Bates Worldwide, reportedly acquired Lighthouse for $391 million in stock last month.
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