LONDON: British advertising giant WPP Group plc has entered exclusive talks to buy troubled smaller rival Cordiant Communications Group plc, putting it on the verge of plucking yet another deal from the grasp of French rival Publicis Group SA.
Reluctant to plunge into a bidding war, Publicis said late on Tuesday it would not raise its offer for Cordiant after WPP boss Martin Sorrell submitted a new bid that persuaded a majority of Cordiant’s lenders to pursue exclusive negotiations with his agency.