NEW YORK--(BUSINESS WIRE)--Jun. 1, 2009--
Interpublic Group (NYSE: IPG) today made a required announcement under
its warrant agreement dated as of June 13, 2006, which was entered into
in connection with its ELF financing transaction. The company said that,
should there be any settlement related to the automatic exercise of the
warrants on June 15, 2009, it has elected, pursuant to Section 3.01 of
the warrant agreement, that each warrant holder shall be entitled to
receive cash (rather than IPG shares).
The amount to be paid, if any, will be equal to the Net Cash Amount (as
set forth in Section 3.02 of the warrant agreement), which is based on
the difference between the stated exercise price of the warrant and the
market price of IPG’s common stock over a 30-trading-day period between
June 18, 2009 and July 29, 2009. The stated exercise price of the capped
warrants issued under the warrant agreement is $9.89; the stated
exercise price of the uncapped warrants is $11.91. The closing price of
IPG’s common stock was $5.24 on May 29, 2009, 47.0% and 56.0% below the
respective exercise prices.
About Interpublic
Interpublic is one of the world's leading organizations of advertising
agencies and marketing services companies. Major global brands include
Draftfcb, FutureBrand, GolinHarris International, Initiative, Jack
Morton Worldwide, Lowe Worldwide, Magna, McCann Erickson, Momentum, MRM
Worldwide, Octagon, Universal McCann and Weber Shandwick. Leading
domestic brands include Campbell-Ewald, Campbell Mithun, Carmichael
Lynch, Deutsch, Hill Holliday, Mullen, The Martin Agency and R/GA. For
more information, please visit www.interpublic.com.
Source: Interpublic Group
Interpublic Group
Philippe Krakowsky, 212-704-1328
or
Analysts,
Investors:
Jerry Leshne, 212-704-1439