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Article: Sorrell serious about Tempus battle.(Martin Sorrell, WPP Group bid for Tempus)(Brief Article)(Statistical Data Included)
- Article from:
- Advertising Age
- Article date:
- August 20, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Martin Sorrell is in the Tempus bidding war to win, which won't be hard. He can't lose.
Last week, the acquisitive group chief executive of WPP Group made an informal offer to buy Tempus for $8.23 a share. Havas Advertising, meanwhile, has an existing formal offer in at $7.82 for a total bid of $598 million in cash, a premium of 50% over Tempus' closing share price the day before Havas first made the offer.
The first deadline for shareholders to accept the Havas bid is today, but shareholders are not expected to go for it given the possibility of a bidding war between Havas and WPP that would drive the price higher. Tempus stock closed at $8.46 a share ...