Michael Roth, chairman and chief executive officer of Interpublic Group of Cos. Photo: Bloomberg NewsElliott Management Corp., the activist hedge fund run by Paul Singer, appears to have fully exited its position in ad holding giant Interpublic Group of Cos.As of Dec. 31, Elliott no longer held any shares in the advertising firm, according to a 13F regulatory filing, a quarterly requirement for investors that manage more than $100 million. Elliott pushed the advertising company to explore a sale, but no deal ever materialized. Two of the three new directors were put forward by Elliott, The Wall Street Journal reported at the time. A year later, Elliott reduced its stake in IPG to under 5% and had been gradually reducing its holdings since then. From when Elliott was accumulating its stake in mid-2014 through the end of 2016, IPG’s share price rose more than 20%.

Source: Wall Street Journal February 15, 2017 00:45 UTC