UK Panel Dismisses WPP Appeal To Abort Tempus Takeover

NEW YORK — British holding company WPP Group lost an appeal to rescind its $629 million purchase of UK media services network Tempus Group.

The UK Takeover Panel met Wednesday to hear the appeal, in which WPP tried to revive its bid to invoke a ‘material adverse change’ condition of its offer for Tempus. The Panel’s Executive Committee rejected that argument last week.

The Panel announced its dismissal of the WPP appeal Thursday.

A representative for the Panel declined to cite reasons for its decision, but added that WPP is entitled to apply for another hearing to the Appeal’s Committee of the Panel.