Publicis withdraws its offer for True North

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Publicis officially threw in the towel today, withdrawing its offer to acquire a majority stake in True North Communications. One day after True North closed its acquisition of Bozell, Jacobs, Kenyon & Eckhardt, the French company filed documents with the U.S. Securities & Exchange Commission officially terminating its $28-per-share offer for a stake in True North.

At a brief meeting Dec. 30 in Chicago, True North's shareholders overwhelmingly approved the BJK&E deal by 77% of the vote, with Publicis voting its 18.4% of the company against. On Dec. 29, Publicis lost a last-ditch appeal before the Delaware Supreme Court, which let stand a Chancery Court decision barring Publicis from interfering in the deal's closing.

Copyright December 1997, Crain Communications Inc.

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