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. According to a report in this morning’s Financial Times, Havas is expected to confirm the takeover tomorrow.
Tempus owns UK media buying agency, CIA, and a takeover by Havas would create the world’s fourth largest media buying business, when CIA is merged into the French company’s Media Planning Group. Omnicom’s OMD, WPP’s MindShare and Bcom3’s StarCom MediaVest top the list of media buying agencies.
Stock was up 53.5% by late morning at 553˝p. 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.
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