Zeta shares fall 11% after Omnicom agrees to acquire IPG

On Monday, Zeta Global (NYSE: ZETA), an AI-powered marketing cloud company, experienced an 11% drop in share value following the announcement that Omnicom (NYSE: OMC) will acquire The Interpublic Group of Companies, Inc. (NYSE: NYSE:IPG ) in a stock-for-stock transaction. Both Omnicom and Interpublic have confirmed that their Boards of Directors have given unanimous approval for the definitive agreement.

In response to the acquisition news, Zeta Global released a public statement. The company emphasized its strong relationships with leading holding companies, including both Omnicom and IPG, and expressed a positive outlook on the impact of the acquisition for the industry and for Zeta itself.

The statement came after the Zeta Data Summit held earlier on Monday, where David Steinberg, Zeta’s Co-Founder, Chairman, and CEO, initially commented on the transaction between Omnicom and IPG. Steinberg was questioned about the day's news during the summit, prompting him to address the topic further in the subsequent statement.

Steinberg conveyed his perspective on the deal, stating, “Expanding on my earlier comments, we are proud of our extensive relationships with the top Holdcos, including both Omnicom and IPG, and believe that today’s announcement is a positive one for the industry and Zeta.” He also indicated that Zeta Global will closely monitor the progress of the acquisition and will offer support as needed throughout the process.

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Source: Investing.com