Under the proposed terms, Interpublic (IPG) shareholders will receive 0.344 Omnicom shares - or $35.6 based on Omnicom's last close - representing a premium of 21.5 per cent to Interpublic's close on Friday afternoon.
This deal is widely being interpreted as a strategic response to the significant changes that the advertising and media industry has been subject to since the pandemic.
The new incarnation of Omnicom, which owns the advertising and public relations behemoths BBDO, TBWA and Ketchum, can expect annual revenue of roughly $26bn, based on the firms' 2023 results.
City AM understands that news of the move has caused disquiet among staff at both IPG and Omnicom, both of which have implemented pay and hiring freezes at various times in the last two years.
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