Shares in UK media and communications group, Tempus, have soared this morning following reports that French advertising network, Havas Advertising, is to announce a takeover of Tempus for around £400 million (€658 million). According to a report in this morning’s Financial Times, Havas is expected to confirm the takeover tomorrow.
Stock was up 53.5% by late morning at 553½p. The £400 million price tag represented a premium of around 50% on Tempus’ shares prior to this morning’s surge. The group’s market capitalisation after the morning’s trading is now around £414 million.