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BULLETIN: WPP Group To Acquire Cordiant Communications Jun 03
Standard & Poors, June 2003
Abstract
LONDON (Standard & Poor's) June 19, 2003--Standard & Poor's Ratings Services said today that its ratings and outlook on U.K.-based communications services agency WPP Group PLC (BBB+/Stable/--) are not affected by the company's recent acquisition announcement. WPP plans to purchase its financially distressed midsize rival Cordiant Communications Group PLC for -266 million, mainly comprising acquired and assumed debt. The costs of the acquisition will be met largely by WPP's placement of shares (-100 million), new WPP shares offered to Cordiant shareholders (-10 million), and asset disposals. Further transaction-related costs of -92 million have, however, been identified. 'Standard & Poor's expects the share placement and planned disposals of up to -160 million to substantially mitigate the financial impact on WPP,' said...
Companies mentioned in this report are: WPP 2008 Ltd.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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