Waiting period ends in proposed merger of 24/7 Real Media, WPP Group

By Lisa Kerner

Charlotte, N.C., June 15 - The Hart-Scott-Rodino waiting period ended in the proposed acquisition of 24/7 Real Media, Inc. by WPP Group plc.

The companies entered into an agreement on May 17 in which a WPP subsidiary will hold a cash tender offer for all of 24/7 Real Media's outstanding shares of common stock for $11.75 per share. The offer is slated to expire at midnight ET on June 27, a company news release stated.

Total cash consideration payable to 24/7 shareholders is expected to be $637 million, financed with cash from existing resources and debt facilities. The merger transaction is expected to be completed by the end of July.

24/7 Real Media will operate as part of WPP Digital under 24/7's current leadership, which includes chairman and chief executive officer David J. Moore, chief financial officer Jonathan Hsu and chief technology officer Oleg Vishnepolsky. The digital marketing company is based in New York, with an additional 20 offices in 12 countries.

WPP is a communications services group based in London.

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