February 2003 Cordiant, paying the price for over-expansion during the dotcom boom, admits it must redraft loan agreements and puts three subsidiaries up for sale.

April 2003 Drinks group Allied Domecq cancels a crucial contract with the group’s Bates advertising agency. Cordiant reveals it has received takeover approaches as it drifts perilously close to administration.

May 2003 Cordiant wins a stay of execution after lenders agree to support it until the middle of July. It agrees to sell Australian agency George Patterson Bates for pounds 30m.

June 1 2003 WPP says it is examining Cordiant’s books with a view to making a bid.

June 4 2003 City raider UK Active Value, owner of a 14% stake in Cordiant, backs a plan drafted by investment bank WestLB to take over and install former Jazz FM boss Richard Wheatly as chief executive.

June 14-16 French advertising group Publicis teams up with US hedge fund Cerberus Capital Management to bid pounds 250m for Cordiant. It appears to have won the battle during a frantic weekend of negotiations and plans to put the company into administration before sharing out the assets. But WPP trumps the offer late on Sunday night.

June 19 WPP agrees to buy Cordiant’s pounds 262m debt and pay shareholders pounds 10m.

June 25 Active Value takes its stake to 25%, enough to vote down WPP’s bid, and requisitions an extraordinary general meeting calling for the removal of Cordiant’s chairman, chief executive and chief financial officer.

July 2 Nahed Ojjeh, a Paris-based chess promoter and billionairess, buys a 2% stake in Cordiant.

July 8 Mrs Ojjeh admits her stake has increased to 10%, but she breaks takeover panel rules after failing to disclose her dealings in a timely manner.

July 11 The plot thickens as Publicis admits talks with Active Value.

July 14 Active Value’s plan to force a change of control at Cordiant and do a side deal with Publicis over Cordiant’s 25% stake in media buying agency Zenith Optimedia is scuppered when the French group rejects a deal.

July 16 Cordiant’s shares are de-listed but Active Value insists it is “still exploring a number of options”.

July 23 WPP gains control of Cordiant, but Active Value’s egm proposal goes through.