(RTTNews) - Omnicom Group Inc. (OMC) and Interpublic Group of Companies, Inc. (IPG) announced on Tuesday that each company's respective shareholders approved Omnicom's previously announced acquisition of Interpublic. The transaction is expected to be closed in the second half.
As previously announced, upon completion of the stock-for-stock transaction, IPG shareholders will receive 0.344 Omnicom shares for each IPG share.
Post-transaction, Omnicom shareholders will own 60.6 percent of the combined company, and Interpublic shareholders will own 39.4 percent.
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