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True North Says OK to IPG

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CHICAGO -- Shareholders of True North Communications overwhelmingly approved the company's acquisition by the Interpublic Group of Companies.

In a vote announced at a special shareholders meeting on Tuesday, 97 percent of the shareholders who voted gave an OK to the deal, which exchanges one share of TN stock for 1.14 shares of IPG stock. A final regulatory approval with the European Union is set for Thursday, shortly after which the deal will close.

IPG shares closed Monday at $29.65.