WPP completes acquisition of 24/7 Real Media
13 July, 2007
New York, NY, and London, England, July 13, 2007 — WPP Group plc (NASDAQGS:WPPGY) (LSE:WPP.L) (“WPP”) today announced the completion of its acquisition of 24/7 Real Media, Inc. (“24/7 Real Media”).
WPP’s acquisition of 24/7 Real Media was structured as a cash tender offer for all the outstanding shares of common stock of 24/7 Real Media followed by a merger of a WPP subsidiary into 24/7 Real Media. In the merger, outstanding 24/7 Real Media shares that were not tendered in the tender offer were converted into the right to receive $11.75 per share, in cash, without interest
As a result of the merger, 24/7 Real Media is now an indirect-wholly owned subsidiary of WPP.