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WPP CONTINUES TEMPUS TALKS WITH TAKEOVER PANEL

By Published on .

LONDON (AdAgeGlobal.com) -- WPP Group informed the London Stock Exchange today that it continues to hold discussions with the U.K. Panel on Takeovers and Mergers about getting permission to withdraw its $639 million offer for the Tempus Group.

WPP also announced that it has extended its offer, which 93% of Tempus shareholders have accepted, to 3 p.m. Oct. 22. Last week, the holding company headed by Martin Sorrell announced it was petitioning the panel to let it back out of its offer.

WPP is arguing that deteriorating world economic conditions are changing the prospects of Tempus, allowing it to invoke the "material adverse change" condition in its original offer.

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