Cossette puts itself up for sale

LONDON - The Cossette Communications Group, which owns Dare and Miles Calcraft Briginshaw Duffy, has called for higher bids for the company after turning down an offer from two former employees.

Cossette... for sale
Cossette... for sale

The independent marketing services group last month turned down an unsolicited bid from a group called Cosmos Capital, which is headed by two former executives, the former vice-chairman, François Duffar, and former vice-president, Georges Morin.

Cossette, however, has now decided to seek higher acquisition offers from elsewhere. It released a statement saying that the takeover proposal from Cosmos was "highly opportunistic" and "financially inadequate".

Cosmos offered $4.49 a share – which, at the time, represented a 52 per cent premium to the trading level of Cossette shares on the Toronto Stock Exchange.