4th Mar 2005 09:06
WPP Group PLC04 March 2005 For immediate release 4 March 2005 WPP Group plc ("WPP") WPP announces that the acquisition of Grey Global Group, Inc. ("Grey") wasapproved by Grey's stockholders on 3 March 2005. The acquisition is nowexpected to complete on 7 March 2005. Based on the number of Grey shares outstanding as of 3 March 2005, WPP expectsto issue approximately 77,882,211 new WPP ordinary shares and to payapproximately $719,900,000 in cash as consideration for the Grey shares inaccordance with the terms of the acquisition. Admission of the new WPP ordinary shares to listing on the Official List and totrading on the London Stock Exchange is expected to become effective at 8.00 amU.K. time on 8th March 2005. WPP expects to announce the results of the elections received from Greystockholders and of the proration on or about 11 March 2005. Approximately 6,717,993 additional WPP ordinary shares will be issuable aftercompletion upon the exercise of options and the vesting of other equity awardsoutstanding as of 3 March 2005 under Grey's existing incentive plans. WPP expects to announce the total number of WPP shares issuable and theaggregate amount of cash payable upon conversion of Grey's 5% ContingentConvertible Subordinated Debentures due 2013 on or about 11 March 2005. At the close of business on 3 March 2005, Grey had received consents fromholders of 96% of the $150 million of outstanding principal amount of theDebentures under Grey's consent solicitation, which expires at 5:00 pm New YorkCity time on 4 March 2005. Consenting debenture holders will be entitled toreceive a consent fee of $23.33 per $1,000 of Debentures after completion. Contact:Feona McEwan, WPP London 44-20 7408 2204www.wpp.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WPP