Offer Update
WPP Group PLC
2 October 2001
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA
OR JAPAN
WPP GROUP PLC
OFFER FOR TEMPUS GROUP PLC
LEVEL OF ACCEPTANCES
WPP announces that, as at 3.00 p.m. on 1 October 2001, being the first
closing date of the Offer, valid acceptances of the Offer had been
received in respect of a total of 53,522,624 Tempus Shares representing
approximately 70.4 per cent. of the current issued share capital of Tempus
and approximately 89.9 per cent. of the Tempus Shares to which the Offer
relates.
As at close of business on 18 July 2001 (being the date immediately prior
to the commencement of the Offer Period), WPP owned 16,563,837 Tempus
Shares, representing approximately 21.8 per cent. of the current issued
share capital of Tempus.
On 17 September 2001, WPP purchased 2,370,000 Tempus Shares in the market
at a price of 555p per Tempus Share, representing approximately 3.1 per
cent. of the current issued share capital of Tempus and approximately 4.0
per cent. of the Tempus Shares to which the Offer relates.
Save as disclosed above, neither WPP nor any person acting, or deemed to
be acting, in concert with WPP owned any Tempus Shares (or rights over
Tempus Shares) on 18 July 2001 (being the date immediately prior to the
commencement of the Offer Period), or has acquired or agreed to acquire
any Tempus Shares (or rights over Tempus Shares) during the Offer Period.
Accordingly, as at 3.00 p.m. on 1 October 2001, WPP had purchased during
the Offer Period or received valid acceptances in respect of a total of
55,892,624 Tempus Shares, representing approximately 73.5 per cent. of the
current issued share capital of Tempus and 93.9 per cent. of the Tempus
Shares to which the Offer relates.
Consequently, the Offer has become unconditional as to acceptances and the
Offer is extended to 3.00 p.m. on 15 October 2001. The Offer remains
subject to the other conditions set out in the offer document from WPP,
dated 10 September 2001, which include, inter alia, clearance by the
relevant competition authorities and a no material adverse change
condition, as set out in paragraph (g)(i) of Appendix 1, Part A of the
offer document.
Enquiries:
WPP Telephone: +44 20 7408 2204
Sir Martin Sorrell, Group Chief Executive
Paul Richardson, Group Finance Director
MERRILL LYNCH Telephone: +44 20 7628 1000
Philip Yates, Managing Director
Richard Taylor, Director
Tim Pratelli, Director
GOLDMAN SACHS Telephone: +44 20 7774 1000
Richard Campbell-Breeden, Managing Director
James Del Favero, Managing Director
BUCHANAN COMMUNICATIONS Telephone: +44 20 7466 5000
Richard Oldworth, Managing Director
Mark Edwards, Director
The definitions set out in the offer document from WPP, dated 10 September
2001, have the same meanings in this announcement unless the context
requires otherwise.
The Offer is not being made, directly or indirectly, in or into Australia,
Canada or Japan. Accordingly, copies of this announcement are not being,
and must not be, mailed or otherwise distributed or sent in or into or
from Australia, Canada or Japan.
The Directors of WPP accept responsibility for the information contained
in this announcement, and, to the best of their knowledge and belief
(having taken all reasonable care to ensure that such is the case), the
information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such
information.
Merrill Lynch International and Goldman Sachs International, both of which
are regulated in the United Kingdom by The Securities and Futures
Authority Limited, are acting exclusively for WPP in connection with the
Offer and no one else and will not be responsible to anyone other than WPP
for providing the protections afforded to their respective customers or
for providing advice in relation to the Offer or any other matter referred
to herein.
END