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NEW YORK Interpublic Group shares fell sharply in unusually heavy trading today after the company disclosed a complicated new credit arrangement yesterday following the market’s close.
IPG’s beleaguered stock closed at $9, off nearly 5.6 percent on volume of 29.1 million shares, nearly 10 times the average daily volume. During the day, the stock dipped to $8.86, down 2.4 percent from the company’s 52-week low of $9.08.
Under the credit plan, IPG will enter into an agreement with a special-purpose entity called ELF Special Financing Ltd.
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