Interpublic has hammered out a "standstill agreement" with activist investor Elliott Management, owner of 6.9 percent of its outstanding stock.
The deal calls for the nomination of three independent directors, who were evaluated and acceptable to both IPG and Elliott, and the formation of a finance committee.
Two long-term directors-Jill Considine and Richard Goldstein—will resign from the board on March 1.
New directors to the now 10-member board are Jon Miller, former chief at both AOL and News Corp.'s digital operation; Deborah Ellinger, ex-CEO of The Princeton Review/Wellness Pet Food and president of Restoration Hardware, and Henry Miller, chairman of Marblegate Asset Management.
Jesse Cohn, head of US Equity Activism at Elliott, said his firm is "pleased with the constructive dialog" its had with IPG, which "has shown a impressive commitment to enhancing shareholder value."
He believes the new directors "have the right backgrounds and perspectives to help the Board achieve this goal, both operationally and strategically."
Elliott looks forward to "ongoing collaboration with IPG's management and board," according to Cohn.
The firm has agreed to support all directors nominated to the board at IPG's 2015 annual meeting.
IPG shares are up $1 today to $20.78, near their $21.16 52-year high.
Sard Verbinnen & Co. is repping the ad/PR conglomerate.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
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