WPP’s TNS Deal Now Unconditional
In the UK, WPP has announced that all the conditions of its offer to buy TNS have been fulfilled and that the offer is now unconditional. As of this afternoon, valid acceptances had been received by shareholders representing 95.54% of TNS stock.
The offer represents 173p in cash and 0.1889 of a WPP share for each TNS share, and WPP confirmed in a statement that the UK Listing Authority has agreed to admit the WPP shares to be issued in connection with this offer to the Official List.
In addition, the London Stock Exchange has agreed to admit these shares to trading on its main market for listed securities.
Having received acceptances in excess of 90%, WPP now intends to exercise its rights to acquire compulsorily any remaining TNS shares for the same terms as the offer.
The marcoms group has also made an application to cancel the admission to trading of TNS shares on the London Stock Exchange's main market, and to cancel the admission of the TNS shares on the Official List. It is anticipated that the cancellations will take effect on 26 November.
The offer, which has been recommended by the Board of TNS, will remain open for acceptance until 12 November 2008. WPP urged TNS share owners who have not yet accepted it, to do so without delay.
Web sites: www.tnsglobal.com and www.wpp.com .