UK ad man eyeing buyout of Cordiant

LONDON: FD Morgen-Walke could be in for another change in ownership as UK advertising entrepreneur Alan Page confirmed this week he is considering a bid for parent firm Cordiant Communications.

LONDON: FD Morgen-Walke could be in for another change in ownership as UK advertising entrepreneur Alan Page confirmed this week he is considering a bid for parent firm Cordiant Communications.

Page said that while no formal bid had been made for the troubled group, it was an option being discussed as part of the future strategy for AIM-listed holding company NWD, for which he acts as a director.

One option being considered is to buy Cordiant and sell some of the marketing services assets.

FD, which has seen various owners since its launch in 1986 - including Lighthouse Global Network and ad agency GGC - is one of several brands owned by Cordiant.

"I don't think Cordiant works in a cohesive way, and there may be an opportunity to tidy the business up and sell some of the units off," said Page.

A Cordiant spokesman insisted last week that the business was "not up for sale."

News of the potential bid came days after Cordiant announced a major restructuring, coinciding with results that revealed a pre-tax profit collapse of 48% to ?11.5 million ($17.9 million) in the first half.

Cordiant CEO Michael Bungey is stepping down next year to be replaced by David Hearn, currently CEO of ad arm Bates Worldwide.

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