Cordiant bids to gain Abernathy after recent dollars 592m Lighthouse purchase

NEW YORK: Cordiant Communications Group has entered the bidding war for hot investor relations shop Abernathy MacGregor Group.

NEW YORK: Cordiant Communications Group has entered the bidding war for hot investor relations shop Abernathy MacGregor Group.

NEW YORK: Cordiant Communications Group has entered the bidding war for hot investor relations shop Abernathy MacGregor Group.

While the firm has looked at various offers, British group WPP seemed the only serious contender until now. Abernathy refused to comment on negotiations.

Cordiant CEO Michael Bungey was traveling in the US at press time, though a source close to the firm said a letter of intent had been sent to Abernathy.

The emergence of Cordiant is likely to ratchet up the bidding for the IR firm, which counts Viacom and ad network DoubleClick as clients.

IR agencies prices have hit the roof in the past 12 months, with Cordiant recently paying dollars 592 million for the Lighthouse Global Network, which houses Morgen-Walke and Financial Dynamics.

Abernathy has been working closely with the firm, and a deal could help achieve Bungey's ambition to improve Morgen-Walke's international IR expertise, by formalizing the relationship.



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