Industry analysts are increasingly concerned that the proposed Omnicom-Publicis merger will collapse, due to tax and regulatory issues and internal conflicts between the parties. A $500 million merger termination fee may help keep the merger on track, but concerned investors are still boosting their shares in rival holding companies. "If the deal drags on, people get deal fatigue and start to psychologically become negative on a deal," said David Grinberg, a partner at Manatt, Phelps & Phillips.

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