NEW YORK–Cordiant PLC's board meets tomorrow amid feverish speculation that a major announcement is forthcoming.

Last week, principal shareholder David Herro said he was surprised by Wednesday's exceptionally high activity of 20 million Cordiant ordinary shares traded in London. The surge comes amid a flurry of rumors about Cordiant.

Scenarios included: a sale of Bates Worldwide, a management buyback at Saatchi & Saatchi and the departure of chairman Charles Scott to Adidas. All such speculation was denied by Cordiant.

Said Herro: 'Yes, I heard reports Cordiant was talking to True North about selling Bates.' Herro said Cordiant chief executive Bob Seelert would only say that the company was looking to maximize shareholder value.

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