UK Panel Rejects WPP Attempt To Abort Tempus Takeover

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NEW YORK–The UK Takeover Panel today rejected British holding company WPP’s attempt to maneuver out of its $629 million takeover of British media services network Tempus Group. WPP had citied “material adverse changes” in the value of Tempus after the September 11 terrorist attacks

Also on Thursday, WPP reported that it might not be able to reach its 15 percent operating margins because of the devastating economic impact resulting from the attacks, a WPP representative said.

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