WPP Group begins subsequent offer for 24/7 Real Media

By Lisa Kerner

Charlotte, N.C., June 28 - WPP Group plc said a total of 47,687,050 shares, or about 92.6%, of 24/7 Real Media, Inc. were tendered in the $11.75-per-share offer ended June 27.

All shares that were validly tendered and not withdrawn have been accepted for payment, according to a company news release.

WPP's subsidiary, TS Transaction Inc., began a subsequent offering period for all remaining shares of 24/7 Real Media common stock priced at $11.75 per share.

The subsequent offering period expires at 5 p.m. ET on July 6.

A merger will follow and TS Transaction will purchase all shares that remain outstanding. WPP expects to complete the merger upon approval of the Korea Fair Trade Commission, which is expected on or about July 13.

24/7 Real Media, a New York digital marketing company, will operate as part of WPP Digital under 24/7's current leadership.

On May 17, WPP, TS Transaction and 24/7 Real Media announced their merger agreement valued at $637 million.

WPP is a communications services group based in London.

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