Zeta Shares Drop 11% Following Omnicom's Agreement to Acquire IPG

On Monday, the stock value of AI-powered marketing cloud company Zeta Global (NYSE: ZETA) dropped by 11% following the announcement that Omnicom (NYSE: OMC) would acquire The Interpublic Group of Companies, Inc. (NYSE: IPG) in a stock-for-stock transaction. Both Omnicom and Interpublic confirmed that their Boards of Directors unanimously approved the definitive agreement.

In response to the acquisition news, Zeta Global issued a public statement highlighting its strong relationships with leading holding companies, including Omnicom and IPG, and expressed a positive outlook regarding the impact of the acquisition on the industry and Zeta.

The statement came after the Zeta Data Summit, which took place earlier on Monday. At the summit, Zeta's Co-Founder, Chairman, and CEO David Steinberg made initial comments about the transaction between Omnicom and IPG. When Steinberg was asked questions about the day's news during the summit, he found himself needing to address the matter in more detail in his later statement.

Steinberg expressed his view on the deal by stating, "To elaborate on my previous remarks, we take pride in our extensive relationships with leading Holdcos, including Omnicom and IPG, and we believe today’s announcement is positive for the industry and for Zeta." He also indicated that Zeta Global would closely monitor the acquisition process and provide support as needed throughout the process.