It took two hours for Omnicom to communicate news of its failed merger with Publicis to the company's largest clients.
At about 9 p.m. eastern standard time on Thursday clients received a brief boilerplate memo from Omnicom CEO John Wren. By then many clients were already well aware of the news, having learned of it from social media, reporters looking for comment and bewildered colleagues.
Here's the note:
Today Omnicom and Publicis announced the mutual termination of our proposed merger.
When we announced the proposed merger last July we knew that the transaction was complex, with multiple regulatory and tax approvals to be secured before we could execute it. At the time we thought it would take a little over six months. Over the past nine months it has become increasingly apparent, to both parties, that it is not clear how long it would take to resolve the open issues.
As you know a good concept is worth nothing unless it can be brilliantly executed in a timely way. Both parties have now decided that it is in the best interest, therefore, of our clients, people, and shareholders to terminate the proposed merger.
I wanted to get the news to you right away.