STOP PRESS: Cordinant Communications faces write-off

TRANSACTION: Cordiant Communications faces a £25m write-off on the value of FD International, with reports this week claiming the sales memorandum for the agency's MBO bid reveals a halving of profits from £10m three years ago. The FD management is understood to have offered £20m, while Cordiant values the agency at £45m and has been advised by UBS Warburg to accept no less than £28m.

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