WPP Offer Update for TNS - Oct 29
Offer wholly unconditional
WPP announces that all the conditions of the Offer have now been fulfilled (or, where applicable, waived) and that, accordingly, the Offer has become unconditional in all respects.
As at 3.00 p.m. (London time) on 29 October 2008, valid acceptances of the Offer had been received in respect of a total of 402,731,592 TNS Shares, representing approximately 95.54 per cent. of the existing issued share capital of TNS.
The number of TNS Shares for which acceptances of the Offer have been received includes an acceptance in respect of 30,000 TNS Shares held by persons presumed to be acting in concert with WPP, as previously announced.
Settlement of the consideration to which any TNS Share Owner is entitled under the Offer in respect of valid acceptances received on or before 3.00 p.m. (London time) today will be effected by the issue of cheques and/or share certificates (in the case of certificated holders) or by crediting relevant CREST accounts (in the case of uncertificated holders) on or before 12 November 2008.
The UK Listing Authority has agreed to admit the WPP Shares to be issued in connection with the Offer to the Official List, and the London Stock Exchange has agreed to admit those shares to trading on its main market for listed securities, subject only to allotment. The new WPP Shares to be issued in connection with the Offer will be issued credited as fully paid and will rank pari passu with the existing issued shares of WPP.
Visit the Investor site to see the full terms of WPP's updated offer for TNS.