WPP completes acquisition of 24/7 Real Media

By Lisa Kerner

Charlotte, N.C., July 13 - WPP Group plc completed its $637 million acquisition of 24/7 Real Media, Inc., first announced on May 17.

The acquisition was structured as a cash tender offer followed by a merger of a WPP subsidiary into 24/7 Real Media. Outstanding 24/7 Real Media shares not tendered in the tender offer were converted into the right to receive $11.75 per share, in cash, without interest, a company news release stated.

As previously reported, 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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