WPP Offer Update for TNS - Oct 08Offer unconditional as to acceptances
WPP announces that as at 3.00 p.m. (London time) on 8 October 2008, valid acceptances of the Offer had been received in respect of a total of 341,365,081 TNS Shares, representing approximately 81.78 per cent. of the existing issued share capital of TNS.
Accordingly, following the announcement by WPP on 3 October 2008 that it was waiving down the acceptance condition of the Offer from 90 per cent. to 75 per cent., the condition in paragraph (a) of Part A of the Appendix in Part 1 of the Offer Document (as amended) is now satisfied and the Offer has become unconditional as to acceptances.
As disclosed in paragraph 4.4 of Part 7 of the Offer Document and the announcement by WPP on 29 August 2008, persons presumed to be acting in concert with WPP in respect of the Offer have an interest in an aggregate amount of 64,798 TNS Shares (representing approximately 0.02 per cent. of the existing issued share capital of TNS). Save as disclosed, as at 3.00 p.m. (London time) on 8 October 2008, neither WPP nor any person acting in concert with WPP had any interest in any relevant securities of TNS.
Extension of the Offer
The Offer (but not the Mix and Match Facility) will remain open for acceptance until 3.00 p.m. on 22 October 2008. The Mix and Match Facility is not being extended and is declared closed as at 3.00 p.m. on 8 October 2008.
The Offer (including the Mix and Match Facility) remains subject to the terms and conditions set out in the Offer Document not already declared satisfied, save to the extent varied as a consequence of WPP's proposal to introduce a new parent company as previously announced. A further announcement relating to the fulfillment (or, if capable of waiver, waiver) of the remaining conditions of the Offer will be made in due course and, in any event, by no later than 29 October 2008.
Visit the Investor site to see the full terms of WPP's updated offer for TNS