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French holding company Havas has been quietly buying shares of Britain’s Tempus to prevent a hostile takeover by WPP CEO Martin Sorrell, sources said.
Havas, which owns Media Planning Group, last month said it intended to buy Tempus, the parent of CIA Media network, for $600 million. But Sorrell, who owns 22 percent of Tempus’ stock—compared with Tempus founder Chris Ing ram’s 15 percent—has been keeping his eye on the deal, considering whether to make a bid.
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