NEW YORK -- WPP Group Chairman Martin Sorrell has made a bid for Tempus Group, a Tempus spokeswoman confirmed.
WPP's Sorrell holds a 22 percent stake in Tempus and has offered to purchase the rest of the shares in cash, the Tempus spokeswoman said.
Since July 21, when Paris-based Havas Advertising offered to takeover Tempus for $600 million, observers have speculated as to how Sorrell would react. As of two weeks ago, Havas had purchased up to 30 percent of Tempus' stock to block any maneuver from WPP and Sorrell, according to sources. (Adweek, August 6, 2001)
"Tempus is in discussions with WPP following a bid that was received today on the London Stock Exchange," said a Tempus spokeswoman.
Calls to Sorrell and to Havas representatives were not returned.