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$630 Million Deal Is on Again

By Published on .

NEW YORK (AdAge.com) -- WPP Group is dropping its material adverse conditions appeal to the U.K.'s Takeover Panel, setting the stage for Sir Martin Sorrell's company to acquire Tempus Group for approximately $630 million.

WPP announced the move today.

"WPP's offer for Tempus is now unconditional in all respects and the offer remains open until further notice," read a statement released by WPP. "Throughout the bid process, the board of WPP has remained convinced of the long term strategic benefits of combining WPP with Tempus, particularly in connection with the merger of CIA and TME [the Media Edge] and the combination of the Tempus strategic marketing businesses with WPP's strategic marketing consultancies. WPP's objective is now for both management teams to work closely together to integrate the two businesses and capitalize on the strategic benefits as quickly as possible."

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