The stock market Aug. 14 did not seem taken with a London newspaper report that True North Communications is poised to make a $1.66 billion bid for Cordiant Communications Group. By mid-day, True North stock had fallen $4.94, or 9%, to $47.69, while Cordiant was up just 38 cents, or 1%, to $25.63. Cordiant's market capitalization is about $1.2 billion, little more than the Independent on Sunday reported for the True North bid. A spokeswoman for True North, parent of FCB Worldwide and Bozell Group, declined to comment, other than to say the holding company does not comment on rumors or speculation. Cordiant, parent of Bates Worldwide, did not return a call by deadline. Rumors regarding a possible True North-Cordiant deal have been floated for some time.
Copyright August 2000, Crain Communications Inc.