The buyout by WPP has been highly contested, particularly by Cordiant's largest shareholder, Active Value Advisors, because it leaves shareholders with just a fraction of what they think the company is worth.
22.
Julian Treger and Brian Myerson, who run Active Value, have been pressing Cordiant since last August to revamp itself, with some success : Cordiant's longtime chairman, Charlie Scott, stepped down in September.
23.
"A significant majority of the votes cast by shareholders other than Active Value were in favor of retaining the three directors, Active Value's votes for removal were sufficient to pass the resolutions,"
24.
At several points during the meeting, Active Value's Brian Myerson and Julian Treger, managers of the fund, berated management for choosing a low-ball bid, and for choosing to delist the company last week.
25.
Last month, U . K . Active Value Fund Managers Ltd ., an investment company currently trying to force a change of management at retailer Liberty Plc, took a 3 percent stake in Hambros.
26.
The fund stands to lose millions if Cordiant sells for the 2.4 pence ( 4 cents ) a share that is being offered by WPP . A spokeswoman for Active Value declined to comment.
27.
As the troubled company suffered defections of major clients and tried to cut costs, Active Value kept buying shares, at prices of 10 or 20 times what they would be worth in the WPP deal.
28.
Active Value, the largest shareholder in the Cordiant Communications Group, the British advertising agency company, said on Wednesday that it had amassed enough shares to block a buyout of the company by the WPP Group.
29.
The fund stands to lose millions if Cordiant sells for the 2 . 4 pence ( 4 cents ) a share that is being offered by WPP . A spokeswoman for Active Value declined to comment.
30.
Similar funds include Greenway Partners, formed by former aides to Carl Icahn; Trinity I Fund, run by Thomas Taylor, a fund manager for the Bass brothers of Texas; Active Value, based in London, and Lawndale Capital in San Francisco.
