Tender Offer
WPP Group PLC
09 July 2007
FOR IMMEDIATE RELEASE 9 July 2007
WPP Extends Subsequent Offering Period for
24/7 Real Media Tender Offer By Two Days
New York, NY, and London, England, July 9, 2007 - WPP Group plc (NASDAQGS:WPPGY)
(LSE:WPP.L) ("WPP") today announced that it will extend the subsequent offering
period for its tender offer to purchase all of the outstanding shares of common
stock of 24/7 Real Media, Inc. (NASDAQ:TFSM) ("24/7 Real Media"), at a price of
$11.75 per share in cash. The subsequent offering period is now scheduled to
expire at 5:00 p.m., New York City time, on Tuesday, July 10, 2007.
Citibank N.A., the depositary for the offer, has advised WPP that, as of 5:00
p.m. New York City time on Friday, July 6, 2007, an aggregate of 49,568,170
shares of 24/7 Real Media common stock had been tendered into the offer,
including 2,447,751 shares which remain subject to guaranteed delivery
procedures, representing approximately 96.3% (including approximately 4.8%
tendered under guaranteed delivery procedures) of the outstanding 24/7 Real
Media common stock.
The purpose of the subsequent offering period is to enable stockholders of 24/7
Real Media common stock who have not yet tendered their common stock to
participate in the offer and receive $11.75 per share in cash, without interest.
WPP will promptly pay for any common stock validly tendered in the subsequent
offering period. Common stock that is properly tendered may not be withdrawn
during the subsequent offering period. Stockholders and eligible guarantor
institutions which have not yet fulfilled their commitment to deliver shares
should promptly comply with their guaranteed delivery obligations.
WPP also announced today that it has received approval of the merger from the
Korea Fair Trade Commission. WPP intends to close the merger as promptly as
practicable following the expiration of the subsequent offering period.
About WPP
WPP is one of the world's leading communications services groups. Through its
operating companies it provides a comprehensive range of communications
services. These services include: advertising; media investment management;
information, insight and consultancy; public relations and public affairs;
branding and identity, healthcare and specialist communications. The Company
employs approximately 100,000 people (including associates) in 2,000 offices in
106 countries, providing communications services to more than 300 of the
companies that comprise the Fortune 500, over one half of the companies that
comprise the NASDAQ 100 and more than 30 of the companies that comprise the
Fortune e-50.
Important Information
This press release is for informational purposes only and is not an offer to buy
or the solicitation of an offer to sell any of 24/7 Real Media's common shares.
This tender offer is being made pursuant to a Tender Offer Statement on Schedule
TO (including the Offer to Purchase, the related Letter of Transmittal and other
tender offer materials) filed by WPP and TS Transaction, Inc., an indirect
wholly owned subsidiary of WPP, with the SEC on May 31, 2007, as amended. These
documents contain important information about the tender offer and stockholders
of 24/7 Real Media are urged to read them carefully before making any decision
regarding tendering their shares.
The Offer to Purchase, the related Letter of Transmittal and certain other offer
documents as well as the Solicitation/Recommendation Statement, are available
free of charge on the SEC's website (www.sec.gov) or from D.F. King & Co., Inc.,
the information agent for the tender offer at (888) 605-1958 (toll free).
Citibank N.A. is acting as depositary for the tender offer.
Forward-looking Statement
This release includes statements that are, or may be deemed to be,
"forward-looking" statements. These forward-looking statements can be identified
by the use of forward-looking terminology, including inter alia the terms
"believes", "plans", "expects", "may", "will" or "should" or, in each case,
their negative or other variations or comparable terminology.
These forward-looking statements include matters that are not historical facts
and include statements regarding WPP's intentions, beliefs or current
expectations concerning, among other things, WPP's results of operations,
financial condition, liquidity, prospects, growth, strategies, the outlook for
relevant markets and the proposed acquisition of 24/7 Real Media. By their
nature, forward-looking statements involve risk and uncertainty because they
relate to future events and circumstances. A number of factors could cause
actual results and developments to differ materially from those expressed or
implied by the forward-looking statements. Forward-looking statements may and
often do differ materially from actual results. Any forward-looking statements
in this release reflect WPP's view with respect to future events as of the date
of this release and are subject to risks relating to future events and other
risks, uncertainties and assumptions relating to WPP's operations, results of
operations, growth strategy and liquidity.
Except as required by relevant law or regulation, WPP undertakes no obligation
publicly to release the results of any revisions to any forward-looking
statements in this release that may occur due to any change in its expectations
or to reflect events or circumstances after the date of this release.
Information in this release should not be relied upon as a guide to future
performance.
Contact:
Feona McEwan, WPP T +44 (0)20 7408 2204
Fran Butera, WPP
www.wpp.com
This information is provided by RNS
The company news service from the London Stock Exchange
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