WPP awaits Panel OK on Tempus

AS THE European Union cleared the 555p-a-share cash bid for media buyer Tempus by Sir Martin Sorrell's WPP, the bidder suggested strongly that it had now found the 'material adverse change' which should allow the Takeover Panel to rule that it can pull out of the bid.

Analysts said WPP appeared to have found details in Tempus's submission to the Panel which amounts to enough of a change to call the bid off. The Panel will give its executive's ruling today or tomorrow.

Clearance by the EU was never in doubt but Sorrell's advisers believe every day that passes adds strength to their case that the ad market has changed since 11 September. WPP shares rose 5 1/2p to 542p and are up from 455p since 94% of Tempus shares backed the £437m bid at its first close.