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NEW YORK–British holding company Tempus has submitted a formal rebuttal to rival UK holding company WPP Group regarding its attempt to withdraw its offer to buy Tempus by citing material adverse changes in Tempus’ value.
The rebuttal was submitted today to the Takeover Panel, the official body governing mergers and acquisitions in Britain.
WPP appears to be looking for a way out of its $629 million cash offer for Tempus, which was made back in August, since its stock price began to diminish after the events of September 11.
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