After hearing WPP’s appeal yesterday, the Takeover Panel have again refused to allow the company to withdraw their 555p-a-share offer for Tempus. The full Panel met to hear Sir Martin Sorrell’s appeal, thought to centre around Tempus’s reluctance to provide WPP with key financial reports, after the Panel Executive dismissed WPP’s original request last week.
Both parties will be given a detailed breakdown of the Panel’s reasons by 5 November at which point WPP will be granted 24 hours to appeal to the Appeal Committee. It is thought that the only avenue of opportunity left open to WPP now is through a judicial review
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