Snyder Denies Bids for Sale of Company Are Closed

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Despite acknowledgments of working with investment bank Deutsche Banc Alex. Brown to explore alternatives for the company's future, marketing and advertising services company Snyder Communications Inc., Bethesda, MD, again yesterday refused to disclose details regarding any impending sale or proposed merger involving its assets.

However, earlier published reports said bids for the company were scheduled to close last Friday after prospectuses were circulated to a number of large holding companies. In addition, Chris Hansen, a securities analyst at Bank of America, San Francisco, told reporters that be believes Snyder already has "one bid in hand from an interested party, [but] they're continuing to make sure they get the best value for shareholders."

At Snyder Communications, Clay Perfall, chief financial officer, said, "The company is not confirming where we are in this process."

When asked about the earlier published reports that bids were scheduled for closing, Perfall said, "I don't know where they got that information [because] we are not confirming where we are in this process."

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