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WPP acquires 24/7 REAL MEDIA for $649 million

24/7 REAL MEDIA, a global digital marketing company with solutions for both advertisers and publishers has just announced they have been acquired by WPP Group. Their offices are around the globe including Toronto and Montreal.  No word yet on whether this will impact jobs here in Canada.

Highlights of the 24/7 REAL MEDIA Deal:

– WPP Group and 24/7 Real Media, Inc. signed a definitive agreement on May 17, 2007 under which WPP agreed to acquire 100% of the shares of 24/7 Real Media through a friendly cash tender offer;
– WPP Group will pay 24/7 Real Media, Inc. shareholders $11.75 for each 24/7 Real Media share, in a transaction valued at approximately $649 million, net of cash acquired;
– The offer price represents a premium of 30% over the average closing price of 24/7 Real Media’s shares for the last sixty (60) trading days;
– The transaction has received the unanimous approval of the Boards of Directors of the two companies;
– The 24/7 Real Media Board of Directors unanimously recommends that its shareholders accept the WPP Group tender offer.

For WPP Group this deal indicates a desire for the conglomerate to grow their presence on the Internet within the advertising industry, and 24/7 Real Media will now join other WPP Group companies including Grey Worldwide, JWT, Ogilvy & Mather and Y&R. WPP Group currently employees 100,000 people (including associates) in 2,000 offices in 106 countries, providing communications services to more than 300 of the companies that comprise the Fortune 500.

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