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WPP extends deadline for Tempus Group deal.(Brief Article)
WPP is playing for time by extending the offer period for its 437 million [pounds sterling] takeover bid for Tempus Group after receiving a majority vote in favour of the deal from Tempus shareholders.
Sir Martin Sorrell, WPP's chief executive, has until 15 October to try to extricate the group from the now costly bid, should he want to. However, it is thought Sorrell is still keen to add another media network to WPP's empire, and with Aegis considered too expensive, his options are limited.
Almost 94 per cent of Tempus' shareholders this week voted for WPP's 555p per share bid -- a significantly higher price than the existing trading figure of around 490p.
Poor results reported by Tempus last week revealing a 3 per cent fall in profits to 10.2 million [pounds sterling] have further fuelled speculation that Sorrell will look for a way out of the deal.
The deal still needs to be vetted by the anti-competition authorities. Lorna Tilbian, a media analyst at Numis, commented: "This may give Sorrell more chance to withdraw if he chooses." ...
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