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Possible Buyer for Cagney
In the UK, the Board of marketing services firm Cagney has confirmed that it is currently undertaking a strategic review, following heavy trading in its shares and a preliminary approach for the company.
Cagney - which owns consumer behaviour consultancy Tree - said that the approach and the resulting discussions are at an early stage and there can be no certainty an offer will be made, or the terms on which any offer might be made. A further announcement will be made 'as and when appropriate' says the firm.
In December, Cagney cautioned that the second half of the year could be less profitable than the first, as parts of its group begin to experience more difficult trading conditions. At the time, the firm predicted a modest operating loss in the second half of the year, and said that a number of 'doubtful debts' in one of its companies could bring the operating results for the year down to break even, or below.
This afternoon, shares in the firm leapt from £0.28 to £0.55.
Alongside its research arm Tree, Cagney comprises another four businesses: Exedra (brand consultancy), Chick Smith Trott (advertising and design), Cubo (promotional marketing), and The Media Foundry (public relations).
Web sites: www.cagneyplc.com and www.treelondon.com .
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