WPP announces exchange ratios for Grey Global convertibles

New York, March 11 - WPP announced Grey Global Group Inc.'s $150 million of 5% contingent convertible subordinated debentures due 2033 will initially be convertible into 11.820362 WPP American Depositary Shares and $499.31 in cash.

The London advertising agency said that the pro ration percentage as defined in the indenture is 52.246438%, the stock conversion amount is $522.46 and the cash conversion amount is $499.31.

WPP's acquisition of Grey, a New York advertising agency, closed on March 7.

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