True North completes Bozell purchase

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True North Communications closed its heavily contested acquisition of Bozell, Jacobs, Kenyon & Eckhardt Dec. 30 in an overwhelming -- if anticlimactic -- shareholder vote to approve the deal.

At a special shareholder meeting in Chicago, 77% of 21 million shares voted approved the deal. The remaining 23% included a vote of no from former partner Publicis Communication, which lost a last-ditch appeal to halt the acquisition in the Delaware Supreme Court Dec. 29. Publicis Chairman Maurice Levy was not present at the meeting, but representatives of the French company voted its 18.4% stake in True North against the acquisition.

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Copyright December 1997, Crain Communications Inc.

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