Cordiant report has little impact

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The stock exchange here last week never took seriously a story in the Aug. 13 edition of the U.K. Independent on Sunday that quoted unnamed sources saying True North Communications CEO David Bell had recently met with Cordiant Communications Group CEO Michael Bungey to discuss an offer. By Aug. 18, Cordiant's share price inched up by only 2% to $5.13 following the article's publication. Asked to respond to reports, Mr. Bungey said: "I think there are many more companies than True North that are interested in us." He added, "Yes, we have talked with True North without a doubt. We are not in any transactional discussions."

Copyright August 2000, Crain Communications Inc.

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