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Havas and WPP, currently involved in a tug-of-war for control of the media buying company Tempus, are in danger of overpaying for their prize, industry financial experts have warned.
They claim Tempus would need to grow at an unrealistic rate for either bidder to get a significant return on their investment.
The warning follows Havas' extension of the offer period for Tempus to 17 September after receiving acceptances from just 25.2 per cent of shareholders. It has not indicated whether it will raise its 541p share offer price after a recent 555p counter-bid from Sir Martin Sorrell's WPP.
But the industry newsletter Marketing Services Financial …