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Elliott Management Still Pushing For A Sale At Interpublic

Paul Singer's Elliott Management took a 6.7% stake in the Big Four ad agency Interpublic Group (IPG) last summer and urged the board to put the company up for sale.

Elliott had nominated candidates for the board of directors last month, and per a recent 13D/A filing with the SEC this week, Elliott made an agreement with IPG to put two members on the board. Per the filing, Elliott now owns 6.9% of the company.

It has been a mixed year for IPG. The stock performed very well in the first half of 2014, but has had big ups and downs since and is barely changed from when Elliott announced its stake in July; shares are up just 5% since Elliott went active and flat over the last 52-weeks. Improving earnings have been overshadowed by fears that the company is falling behind its main competitors.

Fourth Out Of Four: IPG… Read More …