WPP announced this morning that it was pressing ahead with its 555p-a-share offer for media buying group Tempus (see Tempus Confirms WPP Offer) after declaring that the 90% acceptance level had been passed.
WPP has now declared the offer unconditional and extended it to 3pm on October 15. However, in its statement, the company reiterated the ‘no material adverse change’ clause in its original offer. Speculation this morning suggests that WPP may invoke this get-out in light of the recent terrorist attacks on the US which has altered both the outlook for Tempus and the market generally.
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