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INTERPUBLIC, TRUE NORTH CLOSE ACQUISITION

Published on .

(June 22, 2001) -- True North Communications closed its sale to Interpublic Group of Cos. today and will cease trading on the New York Stock Exchange Monday.

True North notified the Securities and Exchange Commission today it will terminate its listing, after the European Union Commission approved the acquisition this morning, clearing the last hurdle to complete the deal.

The stock-swap of 1.14 Interpublic shares per True North share, was worth $1.64 billion at today's market close. True North shareholders approved the deal Tuesday and the waiting period for U.S. antitrust challenges expired May 18.

Interpublic is expected to announce July 15 a restructuring that will integrate the True North operations into the holding company to create a new three-network structure. -- Mercedes Cardona

Copyright June 2001, Crain Communications Inc.

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