Ademi LLP is investigating Interpublic (NYSE: IPG) for possible breaches of fiduciary duty and other violations of law in its transaction with Omnicom.
In the transaction, Interpublic shareholders will receive 0.344 Omnicom shares for each share of Interpublic common stock they own. Omnicom shareholders will own 60.6% of the combined company and Interpublic shareholders will own 39.4%.
Interpublic insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Interpublic by imposing a significant penalty if Interpublic accepts a competing bid. We are investigating the conduct of Interpublic’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.