News that Hedge Fund, Elliott Management has taken a 6.7% stake worth about $570 million in Interpublic Group, is definitely a sign that IPG is on the auction block. The $24 billion hedge fund, made a regulatory filing on Thursday indicating that IPG's shares "are undervalued and represent an attractive investment opportunity." As Stephen says over at MoreAboutAdvertising, IPG is only undervalued if you assume it’s to be sold. Back in 2006 amid all kinds of problems its stock was worth less than $8 a share. Now it’s over $20, valuing the business at over $8.5bn. This includes a fair bit of takeover froth. Elliott said it wants to "engage in a constructive dialogue" with the company's board of directors about “maximizing shareholder value.” Oh fucking dear… That’s Hedge-Nozzle speak for layoffs. Anyway, at the end of the day… The Poisoned Dwarf swallows it up and WPP eventually owns everything.
George is never wrong!