Cordiant’s leading shareholder Active Value has this week joined forces with German bank WestLB and former Jazz FM CEO Richard Wheatly to attempt a boardroom coup at the debt-laden group.
The move could thwart Cordiant’s plans for sale - WPP and Publicis are currently battling for control of the firm.
It is also believed Active Value’s intervention could further delay the £25m MBO at Cordiant’s City PR brand Financial Dynamics International, which has been on the verge of completion for the past few weeks.
WPP is conducting due diligence at Cordiant - expected to finish as PRWeek went to press.
Industry sources suggest Active Value’s call for an extraordinary general meeting could further destabilise client relationships, and force Cordiant to miss the 15 July deadline set by the group’s banks to solve its debt problem.