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NEW YORK Interpublic Group yesterday sold 11 million shares in Modem Media in an underwritten public offering. The divestiture was expected [IQ Daily Briefing, Dec. 19].
The New York-based holding company, previously Modem Media’s largest investor with a 42.4 percent stake, realized nearly $60 million from the sale of the common stock, which went for $5.40 per share. The sale leaves IPG, owner of R/GA and Zentropy Partners, with about 148,000 shares, or a 0.6 percent holding in the Norwalk, Conn.-based
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