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Most of the investors holding Omnicom’s zero-coupon convertible bonds, due 2031, elected last week to accept a $30 per $1,000 bond inducement not to sell back the $850 million of notes to the company at this time. (This right was provided to investors when the bonds were issued in 2001.) Omnicom offered to pay the “sweetener” to holders retaining the bonds beyond the “put” deadline of Feb. 4.
This was the second chance for investors to compel Omnicom to redeem the bonds at face value.
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