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Elliott Reaches Settlement With Interpublic

As reported by The Wall Street Journal and other media outlets, Paul, Weiss client Elliott Management reached a settlement on February 4 with Interpublic Group, pursuant to which IPG agreed to appoint three new independent directors, Deborah Ellinger, Henry Miller and Jonathan Miller, to the company's board of directors in connection with the retirement of two directors. The candidates chosen by the board were identified through a search process initiated last year, and included independent candidates recommended by Elliott. As part of the settlement, the board also established a finance committee to assist in reviewing and analyzing financial matters and operations, including a focus on furthering progress toward achieving the company's target of fully competitive margins. In connection with the settlement, Elliott also agreed to certain standstill and voting provisions.

The Paul, Weiss team included corporate partners Robert Schumer and Steven Williams and counsel David Harris.

 

February 4, 2015

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