Cordiant Communications Group, the UK advertising group which owns Bates Worldwide, has acquired health marketing group, Healthworld, in a deal which values the US company at around $185 million (£113 million) . Michael Bungey, chief executive, of Cordiant, said: "Joining up with the Healthworld team gives us an outstanding opportunity to become the leading global healthcare marketing business."
Cordiant offered 6.602 shares for each Healthworld share giving Healthworld shares a value of $22.86 each, a premium of around 30.6 percent on Healthworld's Monday share price.
Cordiant's share price was up five pence on the news at 216-1/2 pence.
Healthworld made pre-tax profits of $7.4 million in 1998, up from $4.9 million the year before, on revenues of $63.7 million.