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Published on .

(June 18, 2001) -- Online agency Modem Media adopted a shareholders right plan to protect itself from hostile takeover.

The plan, commonly known as a "poison pill," would give current shareholders rights to acquire additional shares should anyone acquire 15% of more of the company's equity. Shareholders of True North Communications, which owns a stake in Modem Media, will vote tomorrow to approve the company's acquisition by Interpublic Group of Cos.

Modem's share price has dropped from its 1999 initial public offering price of $8 per share to a close of $4.35 on Friday, far below its 52-week high of $18.88. -- Mercedes Cardona

Copyright June 2001, Crain Communications Inc.

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