LONDON, May 12, 2003 (PRIMEZONE) -- Cordiant (NYSE:CDA) (LSE:CRI) announced on April 29, 2003 that it had received very preliminary approaches that could lead to an offer for the company. Since then, Cordiant has been actively evaluating a range of more detailed proposals, including possible offers for the company or involving its recapitalisation. Cordiant's Board continues to pursue discussions with various parties, which it is seeking to bring to a conclusion in the near future in the best interests of the company and its clients. However, none of the proposals currently under consideration is likely to result in an offer at the current share price.
In the meantime, the non-core disposal programme already announced continues to make good progress and in the case of certain of the company's assets, has reached an advanced stage
Throughout these developments, Cordiant has continued to work closely with its lenders. Cordiant's Board is encouraged by both the support of its lenders and the constructive discussions that continue concerning the short-term and long-term funding of the group.
The Board will continue to keep shareholders informed of developments.
Cordiant Tel: +44 (0) 20 7262 4343 David Hearn, Chief Executive Officer Andy Boland, Finance Director Nathan Runnicles, Head of Investor Relations College Hill Tel: +44 (0) 20 7457 2020 Alex Sandberg Adrian Duffield
Forward-looking statements: This press release contains certain "forward-looking statements" and information that are based on the current expectations, estimates and projections of Cordiant's management and information currently available to Cordiant. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, some forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. These statements typically contain words such as "intends", "expects", "projects", "anticipates", "estimates", "will" and words of similar import and, in this release, include statements relating to Cordiant's revenues, profitability, debt restructuring, asset disposals and cost reduction programme. Cordiant's actual performance could differ materially from that anticipated depending on, among other things, gains to or losses from its client base, the amount of revenue derived from clients, the challenges of managing Cordiant's global operations, including Cordiant's exposure to changes in the exchange rates of major currencies against the pound sterling, the general level of advertising expenditures in Cordiant's markets, the overall level of economic activity in Cordiant's major markets, the restrictions imposed by Cordiant's indebtedness, Cordiant's ability to restructure its existing indebtedness, employee costs, the loss of key personnel, future interest rates, changes in tax rates and other regulations that affect Cordiant's businesses, and other factors discussed from time to time in Cordiant's public filings with the U.S. Securities and Exchange Commission, including Cordiant's Annual Report on Form 20-F. Many of the factors named above are macroeconomic in nature and are, therefore, beyond the control of Cordiant's management. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual performance may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. Cordiant does not intend, and does not assume any obligation, to update the forward-looking statements contained in this document.