WPP's Prospects High in Wake of Move for Tempus

Inspiration meets innovation at Brandweek, the ultimate marketing experience. Join industry luminaries, rising talent and strategic experts in Phoenix, Arizona this September 23–26 to assess challenges, develop solutions and create new pathways for growth. Register early to save.

Last week’s $629 million counterbid by WPP for Tempus Group definitively answered speculation about whether or not Tempus shareholder and WPP CEO Sir Martin Sorrell would move to oppose Havas. This week, the French holding company must respond–but WPP has effectively blocked any immediate resolution in Havas’ favor.

Havas has roughly 30 percent of Tempus stock, and Sorrell owns 22 percent. Essentially, Tempus has received “hard irrevocables” — a British financial agreement that commits a buyer to purchase a certain amount of stock — from 38 Havas senior executives to buy 25 percent of Tempus stock.

AW+

WORK SMARTER - LEARN, GROW AND BE INSPIRED.

Spring Special

Save 30% Off an ADWEEK Subscription Today!

View Your Options

Already a member? Sign in