WPP Group Plc plans to close $11.75 per share offer to purchase 24/7 Real Media
WPP Group plc announced today that, having received the necessary clearances from regulatory authorities in the United States and Germany relating to the offer, its wholly-owned subsidiary, TS Transaction, Inc., intends to close and purchase all shares of common stock of 24/7 Real Media, Inc. (NASDAQ:TFSM – News; “24/7 Real Media”) validly tendered and not withdrawn at the expiration of the tender offer which is scheduled to expire at 12 midnight New York City time at the end of Wednesday, June 27, 2007.
With respect to all shares validly tendered and not withdrawn, WPP intends to pay the offer priceof $11.75 per share, in cash, as soon as practicable after the close of the offer. There is no
financing condition to the tender offer, which is subject to receipt of at least a majority of 24/7 Real Media’s outstanding shares of common stock (calculated on a fully diluted basis in accordance with the terms of the merger agreement).
The tender offer follows a definitive merger agreement signed on May 17, 2007 among WPP Group, TS Transaction and 24/7 Real Media.
The Board of Directors of 24/7 Real Media has unanimously determined that the merger agreement and its related transactions, including the tender offer and the merger, are fair to and in the best interests of 24/7 Real Media and its stockholders, and has recommended that stockholders tender their shares in the tender offer.