Omnicom Group and Interpublic Group of Cos. today provided the first major update on their proposed merger since they announced the deal in December. The summary of the material events leading up to the signing of their merger agreement, including key meetings, negotiations, discussions and actions by and between both parties and their respective advisors, provides a closer look at how the massive deal—poised to create the world’s largest ad agency group—came together over the course of a year.
Ad Age has compiled the key moments chronologically below, based on information provided by the companies in their joint proxy statement/prospectus filed with the U.S. Securities and Exchange Commission late today.
According to the filing, the proposed deal hinged on a few key factors, including IPG CEO Philippe Krakowsky’s role post-merger, IPG’s valuation and Omnicom retaining its name, headquarters and OMC ticker symbol on the New York Stock Exchange.
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The SEC filing also lays out termination fees each party would have to pay the other if the deal falls apart under certain circumstances, with IPG required to pay Omnicom $439 million, and Omnicom required to pay IPG $676 million.