Cordiant buys Healthworld for $185m

–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 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.



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