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Interpublic gets preliminary tenders for 57.8% of 5.25% convertibles
By Jennifer Chiou
New York, May 27 - Interpublic Group of Cos., Inc. said it expects to accept all preliminary tenders for 303,526 preferred shares in the cash offer to purchase up to 370,000 shares of its 5.25% series B cumulative convertible perpetual preferred stock.
That figure represents 57.8% of the preferreds, and Interpublic said it expects to pay a total cost of $265,884,228, including accrued dividends.
The tender offer began on April 29 and ended at midnight ET on May 26.
The company previously set a purchase price of $869.86 per share.
Interpublic said it fixed the purchase price promptly after the close of trading on the New York Stock Exchange on May 24, which was the second scheduled trading day before the expiration date.
The purchase price was calculated as the sum of 54.893 multiplied by the weighted average price plus $438.95. Pricing was subject to a minimum offer of $768.31 per preferred and a maximum of $1,070.22 per preferred.
The weighted average price was the average of the daily volume-weighted average prices of Interpublic's common stock beginning on May 18 and ending on the May 24.
If Interpublic had accepted the full 370,000 shares for which it was tendering and paid the maximum purchase price, it would have spent $400 million on the offer, including accrued dividends.
The completion of the offer was not conditioned on a minimum number of preferreds being tendered.
Morgan Stanley & Co. Inc. (800 624-1808 or 212 761-8663) and Citigroup Global Markets Inc. (800 558-3745, 212 723-6106 or 212 723-7367) were the dealer managers, and Global Bondholder Services Corp. (866 807-2200 or, for banks and brokers, 212 430-3774) was the information agent and the depositary.
Interpublic provides advertising and marketing services.
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