For richer or poorer, better or worse, November 14 is likely to be an eventful day for Interpublic Group, the globe's third largest agency holding company.
The ailing agency conglomerate yesterday named that date for its long delayed annual shareholders' meeting, having earlier this week announced it had revised downward by $514 million (€426m; £290m) its net income over a period extending back several years [WAMN: 03-Oct-05].
It is against this overheated fiscal background that Interpublic shareholders could be invited to vote on whether or not to put the company up for sale.
Such a draconian course of action has been mooted by IPG shareholder Charles Miller, a retired multimillionaire fund manager technically resident in no-income-tax Texas, whose right to propose such a motion was upheld by the Securities and Exchange Commission despite an objection by the company.
IPG has yet to announce a venue, time and agenda for the meeting
Data sourced from AdWeek (USA); additional content by WARC staff