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CHICAGO-The Interpublic Group of Companies agreed to acquire True North Communications in a stock transaction that was valued at $2.1 billion and approved by both boards over the weekend.
The deal, which could close as soon as this summer, calls for IPG to exchange 1.14 of its shares for each of TN’s 51 million shares. The agreement capped weeks of negotiations between Chicago-based TN and a number of suitors.
The two companies’ combined revenue was $7.2 billion last year, New York-based IPG said.
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