Speaking at the annual shareholders meeting yesterday, Levy said that things had changed since the initial offer and the price seemed acceptable after fluctuations in the share prices of True North and Interpublic.
In March, Interpublic and True North agreed a deal under which Interpublic would pay 1.14 shares for every True North share. The merger is expected to close this summer.
Levy said that no formal decision had been made on the offer and that the company had until June 19 to decide. If the group keeps its shares in True North, they will be converted into a 2% stake in Interpublic by mid-July, he said.
Also at the shareholders meeting, Levy said he expected the group's 2001 organic growth to be above that of the advertising market, which he predicts will be 3%. However, this is lower than the company's 8.2% organic growth in the first quarter.
Shares in the company dropped to ¬31.50 (£19.44) in the afternoon's trading on the Paris stock exchange, down from their previous close of ¬34.09 (£21.04).