WPP extends offer for 24/7 Real Media

By Lisa Kerner

Charlotte, N.C., July 9 - WPP Group plc said it extended the subsequent offering period for all outstanding common shares of 24/7 Real Media, Inc. to 5 p.m. ET on July 10 from July 6.

A total of 49,568,170 shares, or about 96.3% of the outstanding 24/7 Real Media common stock, had been tendered in the original $11.75 per share cash offer that ended on June 27.

Following the end of the subsequent offering, WPP's subsidiary, TS Transaction Inc., will purchase all shares that remain outstanding. WPP expects to complete the merger as soon as practicable after having received approval from the Korea Fair Trade Commission.

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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