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Lawyers for True North Communications and Publicis S.A. were in U.S. District Court here Friday, each seeking injunctions against the other’s actions. It’s a scenario likely to be continually repeated in the coming weeks.
Early last week, TN may have thought it had called Publicis’ bluff, answering the French firm’s lawsuit seeking an injunction against the Bozell merger vote with a countersuit. In part, TN dismissed Publicis’ complaint that its stock would be diluted by the Bozell deal by saying, “Publicis Communication has the right to buy additional shares of True North common stock” to bolster its ownership.
In boldly opting to exercise that right, Publicis chairman Maurice Lƒvy not only met TN’s raised bet, but increased it yet again, answering with his intention to commence this week an all-cash tender offer for 9.6
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