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NEW YORK — WPP Group is appealing the UK Takeover Panel’s decision today, which rejected WPP’s attempt to abort its acquisition of Tempus Group.
The Takeover Panel’s ruling committee denied WPP’s invocation of the “material adverse changes” clause in its move to rescind the $629 million bid for Tempus, the UK-based parent of CIA Medianetwork. The panel offered no public explanation for its decision, although a representative said that WPP had in fact filed an appeal to the panel’s executive committee.
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