WPP Group begins cash tender offer for 24/7 Real Media

By Lisa Kerner

Charlotte, N.C., May 31 - WPP Group plc's wholly owned subsidiary, TS Transaction Inc., began a $11.75 per share cash tender offer for all outstanding shares of 24/7 Real Media, Inc.

24/7 Real Media's board has approved the deal and recommends its stockholders tender their shares in the offer, which expires at midnight ET on June 27.

The offer follows a May 17 merger agreement among WPP, TS Transaction and 24/7 Real Media.

Total cash consideration payable to 24/7 shareholders is expected to be $637 million, financed with cash from existing resources and debt facilities.

The merger transaction is expected to be completed by the end of July.

24/7 Real Media will operate as part of WPP Digital under 24/7's current leadership, which includes chairman and chief executive officer David J. Moore, chief financial officer Jonathan Hsu and chief technology officer Oleg Vishnepolsky. The digital marketing company is based in New York, with an additional 20 offices in 12 countries.

WPP is a communications services group based in London.

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