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LOS ANGELES–WPP Group made official its desire to back out of its bid to acquire Tempus Group today, sources said, and attempted to invoke a clause that, under British finance law, would allow WPP to withdraw its bid. Since WPP made its offer in August, Tempus shares have fallen by about 10 percent.
The WPP submitted a document to the Takeover Panel, a body of investment bankers and other financial executives that oversees public-company takeovers in Britain.
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