WPP Offer Update for TNSAnnouncement of acceptance level
As at 3.00 p.m. (London time) on 12 November 2008, valid acceptances of the Offer had been received in respect of a total of 412,956,003 TNS Shares*, representing approximately 97.85 per cent. of the existing issued share capital of TNS.
Compulsory acquisition and de-listing of TNS Shares
WPP is exercising its rights pursuant to the provisions of Part 28 of the Companies Act 2006 to acquire compulsorily any remaining TNS Shares in respect of which acceptances have not been received. Compulsory acquisition notices dated 31 October 2008, together with an explanatory letter, have been sent to those TNS Share Owners who had yet to accept the Offer by such date. Unless such TNS Share Owners have subsequently accepted the Offer, it is expected that their holding of TNS Shares will be compulsorily acquired by WPP on and with effect from 12 December 2008.
As previously announced, an application is also being made to cancel the admission to trading of TNS Shares on the London Stock Exchange’s main market for listed securities and to cancel the admission of the TNS Shares on the Official List. It is anticipated that the cancellations will take effect at 8.00 a.m. on 26 November 2008.
Visit the Investor site to see the full terms of WPP's updated offer for TNS.